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Old 12-04-2009, 12:03 PM
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Unemployment and s corp

I am being laid off and will be eligible for unemployment. I am planning on starting a Electrical/Plumbing business with my son. while we are getting the business started neither of us want to draw a paycheck for the first year and will use our savings to purchase start up supplies and equipment. Is there anyway to use an s corp structure and not draw a paycheck so that I can use the unemployment initially? At the end of year tax filing will I have to personally claim any of the profit if there is any? Can my son own the majority of the company?

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