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advice needed

  • 16-08-2012 12:11pm
    #1
    oceanman
    Registered Users, Registered Users 2 Posts: 1,772 ✭✭✭


    hi all, i have just been laid off from my job after three years, i was planning to sign on social walefare until i get another job. anyway turns out my friend is starting a new business and asked me to go in as a partner with him, but if we register a limited company togeather and things dont work out, will i then be blocked from signing on jobseekers benefit in the future? thankfull for any advice.


Comments

  • #2
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    If you have a 50% shareholding and pay class S prsi then you will not get JSB. edit: Note that you may still have stamps from your previous job, but only the previous year is counted I think.

    However you are still entitled to JSA - but this is means tested. Any assets (depending on your stake) in the company would count towards the means test.

    Do the maths on it, stamps only last for roughly a year. You can calculate the amount of social welfare that you would miss out on. If it's just the dole it would be about e10k. If you have kids, or include rent allowance or medical card then it might be a bit more.

    Thus, if you can put this amount away in a "rainy day" fund there is no disadvantage to being self-employed.


  • #3
    oceanman
    Registered Users, Registered Users 2 Posts: 1,772 ✭✭✭oceanman


    well i would have a 45% share in this business if it goes ahead. i have stamps from my recent job for the last three years built up.
    it would be just dole i would be claiming, not rent allowance or chrildren.


  • #4
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    Pretty sure you would not qualify for JSB. Also note that you cannot save up stamps, only the previous year is counted. So once you have been fully class S prsi for a year you will have no entitlement to JSB.

    Then again, it's "only" 10 grand you are missing out on. And you will get JSA if you are really broke (ie pass means test).


  • #5
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    Why don't you just sign up for the Short Term Enterprise Allowance which will allow you to keep your dole for 9 months to 1 year depending on when you sign up.

    Get further details here http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/social_welfare_payments_and_work/short_term_enterprise_allowance.html

    Hope this helps

    dbran


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