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Am I entitled to Unemployment?

I currently have my business for sale in Illinois and a closing set for this June. The buyer is purchasing the assets and will be establishing a new company. I will be staying on for two months to assist in training. After the training period will I be entitled to unemployment from my original company ? I don't want to apply against the new company because it may increase the buyers unemployment rate.

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Answers (1)
Cory Hogan
P.C. Hogan & Associates
Helping the Small Business Buyer
CA

I just consulted in an asset sale in which the seller's spouse filled, and was awarded, unemployment claims against buyer. Seller could not make claims due to non-compete and training agreements, but spouse was entitled as an employee of the company. Local government recognized dba transfer and made no distinguishing difference between old entity and new entity, even though both have separate EINs, etc. Buyer is now paying, and disputing, seller's spouse's unemployment claims.

I disagree with this practice on more levels than I can address here.

For additional business buying advice, I encourage you to download our free list of Top 10 Business Buying Mistakes, found at:
http://www.businessbuyhelp.com/Top_10_Mistakes_When_Buying.html

Good luck in your search!

P. Cory Hogan
p.c. hogan & associates
Helping the Business Buyer
www.BusinessBuyHelp.com
435-674-6653

Sep 1, 2009