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West Virginia Unemployment Insurance Update

January 1st, 2007 Posted by Mark

Start up a business in West Virginia, or buy the business of someone else, and you are expected to report yourself to the West Virginia unemployment insurance system. In West Virginia’s case, you have to report yourself by submitting a form called the Employer’s Initial Statement, or Form UC-201-B. This Initial Statement must have some important info on it, including the official and full name of your business, as well as the street address of your headquarters.

If you are the sole proprietor of the business, and your name is actually the name of the company, then your Initial Statement can just have your name on it, as well as your social security number and home address. As for partnerships, every partner must have their name and signature on it, as well as their social security number and address. For corporations, each and every officer must have their name, title, social security number, and address on the form.

In the event that you have acquired someone else’s business and are submitting an Employer’s Initial Statement, you must also include a Supplement Form, also called the Form UC-201-BS, Statement for Transfer of Business. This form must be signed by you, the new business owner, as well as by the former business owner.

Then from all of this info—from the Initial Statement and the Supplement form—the state can decide whether or not you are liable as an employer in the state of West Virginia to pay unemployment insurance taxes.

When you are determined to be liable, it is then up to you to keep accurate records on your payroll. This includes info on the time frame for each payroll payments, the place of employment of every employee, the amount of time they were scheduled to work, how much they actually worked, their wage rates, as well as on their social security numbers, addresses, time off, and length of employment.