Q: can you still collect unemployment benefits if you own a 1% share of an llc but dont work for it or have any imcome

A: Although there is some variation from state to state, the main questions that determine unemployment compensation eligibility are: 1) is the claimant monetarily eligible (i.e., did that individual have sufficient earnings prior to the date of claim to qualify)? 2) is the claimant out of work through no fault of her own (i.e., was she involuntarily separated for some reason not constituting misconduct)? If the answer to those to questions is yes, and other state requirements and deadlines are met, then the individual can usually start collecting. If the claimant has sources of income at any time during the period of the claim, then she must report those earnings to the state agency that administers the program. Most sources of income will be used by the state agency to offset the amount of benefits available. If income reaches a certain threshold, the weekly eligible benefit amount will drop to $0, meaning the claimant may not collect for any week for which such income was reported.

When in doubt, report all earnings. All state unemployment agencies belong to and actively participate in several programs to detect unreported income. For example, if you work and have earnings while simultaneously claiming benefits, the state will quickly detect this because it runs cross-matches of your social security number to see if any employer is reporting earnings for your. These crossmatches are nationwide. In most states, failing to report income while claiming benefits is considered fraud and can carry civil and criminal penalties. Additionally, a claimant who engages in such activity will be required to repay all benefits wrongfully received and may be unable to discharge that debt in bankruptcy court.

Specifically to your question: Typically, ownership of assets or shares that do not produce income are not considered. Claimants can usually own assets, stocks, or shares in companies such as LLCs without impacting benefit eligibility. Any time those assets begin generating income, however, that income should be reported so the state can determine if that income must be counted as an offset against benefits.

It is is very helpful to look at your fiancee's application for benefits. That application, and the weekly certifications she files for a continuing claim will have many detailed questions. She must ask herself: "Did I answer these questions truthfully?" If in doubt, call the applicable agency and report the income or situation.