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I'm sorry to hear about your situation. Yes, you should be eligible for unemployment insurance if you are let go from your current employment due to no fault of your own. Unemployment benefits are available to employees who find themselves unemployed through no fault of their own. This means that, generally speaking, an employee cannot quit and still be eligible for unemployment benefits. But that also means that in a situation such as yourself, if you have no control over the employment decisions being made, if you are let go, through no fault of your own, then you should still be eligible for unemployment benefits.
The fact that you have an ownership interest in this LLC will not be relevant to that determination if you have no control over whether or not you are employed.
Most of the time in situations such as this the reason that people do not qualify for unemployment is that they never paid into unemployment in the first place. Assuming that your business actually did pay into unemployment, the fact that you were let go due to no fault of your own means that you should be able to qualify for unemployment benefits.
Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX luck to you!
Thank you, XXXXX XXXXX am minority owner, I'm basically at the majorities whim. Trying to manage it as best I can to stay on for another month or so, but he has indicated I will be let go at the end of November. We are discussing a buyout of my share of the business, would a buyout affect my ability to collect unemployment
a buyout should not affect your ability to collect unemployment. Be careful, however, about a clause that says that you agree not to file for unemployment.
ok, thank you.
the only thing that really affects unemployment eligibility is current earnings. That means that if you get a new job, then you will not be able to receive unemployment benefits anymore.
My pleasure.If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, XXXXX XXXXX good luck to you!