Question by SxCamBo: If your unemployed but got the money to buy a business are you allowed?
Guys my Family are planning on buying a business from a family friend, but my mum is unemployed, we are getting out money from over sea via my grandma , so i am just wondering if the current unemployed situation would effect it.
Best answer:
Answer by Andre
You are allowed if the $ allows it.
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Why would people with jobs start businesses? They wouldn’t have time while working a job, so most people quit their jobs and then start businesses, if they aren’t already unemployed.
I don’t see why it would? Just weight your options VERY heavily before making any decisions. In all actuality the chances of the business being successfully are low, but that all depends on what the business will be.
you are allowed
I am pretty sure you are, but you can simply call the unemployment office and ask.
You are allowed. If your worried about taxes then don’t If all the money goes to the business then it falls under the business account the first yr or two you will more than likely take losses. Has for the money from your grandma that’s considered a gift unless she expects you to pay her back monthly even so it can be put on the business account. If your mom is on unemployment then it will effect that when she becomes the owner.
she would have to report any pay she receives from the business
Bill Gates wasn’t working a job when he started Microsoft. That facebook guy wasn’t working a job when he started Facebook. The Google guys weren’t working jobs. I’d estimate that 99% of people who start businesses are not working when they start them. I don’t see what working or not working has anything to do with it. Anybody can start a business if they have the means to do it.