Company income while on Unemployment ?????
My husband and I are on unemployment. We own an LLC (taxed as corp.) that made a profit in 2009.
It's a four part question...
1).Is it legal in Georgia to be a shareholder in a LLC that made a profit in the same year as I was personally collecting unemployment?
2)and if so, is it legal for me to be reimbursed by the LLC for business expenses such as rent, utilities, and mileage in the same year that I was receiving unemployment?
3)And if the LLC reimburses me for the expenses, does it have to report it on a 1099?
4)Would the Unemployment office consider that money as income and charge me with unemployment fraud?
Someone please answer. I have been on the internet for 8 hours trying to find out if this is legal.
(This question is also posted in the LLC Forum with more details)