If I am over 65 years old and receiving Social Security, can I still put a small business under my name?

Asked on October 22, 2011 under Business Law, Wisconsin


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Even though Social Security is thought of as retirement income, it is age-related, not employment-status-related. That is, unlike a pension, which one cannot collect until one has retired from the job, your eligibility for social security depends entirely on your age. You may work and collect social security, and that includes working as someone's emploee; being an independent contractor or freelancer; or starting or owing a small business. So yes, you can do this; just remember that for income tax purposes, you need to account for your total income, from all sources. If you haven't already, go to the AARP website and/or call AARP; they may have certain programs or discounts, such as better rate on some services or insurance you need, which you can take advantage of. Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.