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Old 10-28-2009, 10:38 AM
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I would hazard a guess that as long as your contract has been terminated, and you have no other sources of earned income, then depending on your State's requirements I would think that you may be able to claim unemployment in IL.

Additionally, you should terminate your S Corporation and take a distribution of all retained earnings out as there is no activity in the S Corporation.

I would still consult your Local unemployment Office just to be 100% certain that you are in the legal bounds.
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