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Starting a buisness while on unemployment?
I live in Hawaii... I was laid off from my job many months ago. With the way the economy has been and evevrything I've not been able to find a new job...
I've decided to try my hand as a Real Estate Agent. I've passed all my tests for that, and I've got a company that will be signing me as an agent next week, but what will happen with my Unemployment? Will I be able to continue to get it while i'm getting clients, or will it stop as soon as I sign with the real estate company?
This is in the state of Hawaii btw...
Thanks!
Ok, the first answer asked if I'd be a hired employee or a contractor. I would be a 1099 Contractor. They will not be paying me a salery at all, only commisions...
About the chance of making real good money, I know.. I'm going into this with my eye's open and know i'll be working all hours of the day and night and wont be making that 100k for many years, if ever... I'll be happy if I make 40k a year by next year, and if I can keep that ammount coming in, i'll be happy doing it!
1 Answer
- 1 decade agoFavorite Answer
Well are you an employee or an independent contractor? If they're not paying you a salary (and they usually aren't for real estate agents) you technically could say you aren't really employed but not sure exactly how it works. If it were me I'd call and ask the unemployment office. I mean don't tell them you accepted yet, just say you are interviewing and wondering if you're not being paid a salary if you are technically employed? I would think as soon as you get your first commission check you are employed in their eyes...but not exactly sure.
What I can tell you is that the unemployment office has a great tracking program and if you're doing any job that is paying you and withholding taxes...they will find out about it. If you don't tell them and they keep paying you and find out later, they can make you refund some of the money they paid you and if you don't they have the power to go after tax refunds....so in short I'd be fairly up front with them.
Also the real estate business is tough, you are told how many people are making 100k per year, but for 95 out of 100 employees that's not the case. Especially just starting out. You can get calls weekends, late at night, all the time and you might talk to twenty or thirty people for hours at a time and never make a penny.
Just my experience with friends who worked in real estate.