If my mother recently decided to take early retirement but wants to supplement her income by starting a business with me, will her SS benefits be affected?
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If my mother recently decided to take early retirement but wants to supplement her income by starting a business with me, will her SS benefits be affected?
Since this will be a home based business that will be primarily selling clothing and home decor items via ebay, I think a partnership situation would work well for us, but my mom needs to know how this will affect her social security status if this is set up as a partnership vs an LLC. The business probably won’t be generating more than the maximum amount she is allowed to collect and still retain her SS benefits, but we need to make sure we do this correctly, especially in the event that it does generate more than the amount she is allowed to collect. Does the business structure (partnership vs. LLC) matter?
Asked on April 12, 2014 under Business Law, Florida
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Your mother's social security monthlypayments will not be affected due to her desire to earn extra supplemental income. As to a busness structure, it all depnds upon the degree of risk she will have from the venture. As such, she should consult with a business attorney in her locality. One can be found on attorneypages.com.
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