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Massachusetts. When closing a corporation what happens to…

Massachusetts. When closing...
Massachusetts. When closing a corporation what happens to the money I paid into unemployment ?
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Answered in 17 hours by:
3/14/2018
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Employment Law
Satisfied Customers: 21,375
Experience: B.A.; M.B.A.; J.D.
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Your Question:

Massachusetts. When closing a corporation what happens to the money I paid into unemployment ?

Response: The funds are deposited in the Federal Unemployment Insurance Trust Fund by the Commonwealth of Massachusetts to be used to pay your former employees' unemployment compensation. If you are closing your business, you need to make sure to apply to suspend your unemployment insurance tax account with Department of Unemployment Assistance so that the Commonwealth would not expect any more deposits from your business. For more information, click here.

https://www.mass.gov/service-details/closing-your-business

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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Employment Law
Satisfied Customers: 21,375
Experience: B.A.; M.B.A.; J.D.
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Phillips Esq.
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Employment Law
Satisfied Customers: 21,375
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Experience: B.A.; M.B.A.; J.D.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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