Your business entity could cost you ten thousand dollars, like it did me, ughhh!

So take a wild guess, what am I going to say first?
Something like, “It’s been awhile”, again, maybe…

Or, these posts are “meant to share real life extensions and applications of the book”…

Well, no, the next series of short posts will be all about what I’d say differently, if I were to write a 2nd edition of MLRC.

First, and this is real important $$$-Wise!

If you live in New York State don’t form a business entity (S-Corp, LLC) until you have serious, ongoing cash flow and can support your family, on your own.

Why, because even if you don’t make a dime through your business entity, and you do work as an employee paying into unemployment insurance, guess what?

You can’t collect unemployment, even though you paid into the program, and even though your business entity made no money.

Most of my gigs after 2002 were done on a consulting or contract basis, with the exception of KL Energy (KLE).
I was with them 2-3 years as an employee, paying into unemployment all that time, and then when KLE ended (2009), I could not officially collect unemployment.

Not being much of a rule follower, especially an unjust rule, I tried anyway.
Hey, ya never know…

Well, I got called on it and had to return $10K back in 2009, ughhh.
Of course I fought it, but NYS is like the Borg… resist anyway. smiley face

So check the rules for where you live and, if it’s like NYS, then just use a DBA until you’re solidly on your feet with cash flow.
Positive cash flow almost always takes 10X longer than we ever imagined.

Last, I need your help. I want to know how to best serve you.
I have 7 short, quick questions for you. It will take you less than 2 minutes.
Thanks, I appreciate it! 

Please take the super-short survey now

https://www.surveymonkey.com/s/WF2GZ9N

 

In Light!
Steve

PS: If you want to refresh your memory first these are the most relevant past posts:

This short survey will really help guide me…thx!

https://www.surveymonkey.com/s/WF2GZ9N

 

Your feedback on my Facebook page here is most welcome!

www.facebook.com/StephenJHealey

Please, if you know of anyone suffering with unemployment, under-employment or being emotionally crushed by their job, tell them they are welcome to download both the book and video series for free here:

Video Series: http://www.sjhealey.com/burning-questions

PDF: http://www.sjhealey.com/free-mlrc


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Comments

  1. Judy Whitehead says:

    This is a massive heads up! I just spoke with someone who discovered she wasn't eligible for unemployment since she was a member of an LLC

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