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  1. #1
    Join Date
    Sep 2008
    Posts
    2

    Unhappy CA Unemployment: Laid Off from Job, but Also Large Shareholder in Small LLC

    My question involves unemployment benefits for the state of: California

    In 2003 I started an LLC for investing in stocks, real estate, small businesses, etc. In the meantime, I have been continuously employed at a regular job, but have now been laid off due to division wide cuts. I have made money from the LLC before but as of December 2007 I stopped trading stocks or anything of that nature and instead the LLC invested in a small photo business run by a friend of mine (basically purchased ownership of his talent and business for the price of 50% ownership in LLC and capital), but I am primarily a silent partner and expect to receive no income from the LLC this year. I noticed on the UI application here in California that it asks if I am a major shareholder in a corporation and I was wondering if I will be ineligible for UI because I am a 50% shareholder even though I have not personally had any distributions or income from the LLC this year and do not expect any?

  2. #2
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: CA Unemployment: Laid Off from Job, but Also Large Shareholder in Small LLC

    I would certainly apply for unemployment ins. - it can't hurt anything. They will probably ask your questions about any income from the LLC, etc. & then make a decision.

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