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FiveStarLaw
FiveStarLaw, Attorney
Category: Business Law
Satisfied Customers: 36494
Experience:  25 years of experience helping people like you.
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I am on SS Disability and am helping part time a friend also

Customer Question

I am on SS Disability and am helping part time a friend also on SS Disability start up a company.
How should it be set it up where we can keep revenues in the company to finance later growth while limiting our income. I am having more surgeries and can't afford to lose the Disability Income I have now. I would like to get off SS if we can make enough money. I can't afford to lose my SS and then the company goes under.
Submitted: 2 years ago.
Category: Business Law
Expert:  FiveStarLaw replied 2 years ago.

WebLaw :

*Due to rules of your state bar or mine, nothing herein is intended as legal advice, only intended as general information to better help yourself.*

You can collect your full SSDI benefits and earn all you are able to earn for nine months. These nine months are called the Trial Work Period.

Any month that you have Countable Income of $980 or more will count as one month in the Trial Work Period. The Trial Work Months do not have to be consecutive. If you earn less than $980 in a month, then it does not count as a Trial Work Month.

Once you have used all nine months of the Trial Work Period, you will still receive your full SSDI benefits as long as your income does not exceed what Social Security calls Substantial Gainful Activity. In 2009, Substantial Gainful Activity is Countable Income that exceeds $980 per month.

Here is more helpful information:
http://www.ssa.gov/redbook/eng/overview-disability.htm

WebLaw :


Please use the REPLY button if you have any questions concerning my answer. Otherwise please click ACCEPT so that I am paid by the site for answering.

Customer:

If I have a Sole Propriatorship is any revenue considered income when I want to save alot of the money for growth of the company?

WebLaw :

The excess of income over expenses would be considered income

Customer:

Should it be a Sole Proprietorship, Partnership, Corp., Etc.?

WebLaw :

a corporation may be advisable as it can pay you a salary and save the balance of the money in a corporate account

Customer:

What about dividends?

WebLaw :

The dividends would be considered income

WebLaw :

I hope that it helps to know this information

Thank you in advance for remembering to click accept. If you experience difficulty using the accept button, please let me know as JustAnswer pays me for my time only if the "accept" registers.

Customer:

What are you doing working on Sat night Labor Day weekend?

WebLaw :

Same as everyone else -- I need the money :-)

Customer:

I know what you mean. Thanks

FiveStarLaw, Attorney
Category: Business Law
Satisfied Customers: 36494
Experience: 25 years of experience helping people like you.
FiveStarLaw and 7 other Business Law Specialists are ready to help you

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