Owner been working FT job elsewhere & now being laid off. Transfer shares to wife?
I am the sole owner of an S-Corp in NY through which my wife and I funnel any monies received through freelance activities as performers. Since July, I have been working as a FT employee for another company and on an extremely limited basis for the S-Corp. We will be filing as 50/50 co-owners for 2008 taxes and I intended to bring her on as a true 50/50 partner this year. I will be laid off as of 4/1/09 and am wondering if I will be eligible for Unemployment if we instead transfer all S-Corp shares to my wife before then. Alternatively, we could dissolve the company altogether and she can work freelance as a Self-Employed person (albeit at a higher tax rate) if that will make me eligible for Unemployment. Any thoughts would be most appreciated.