It depends on the type of business you run- to be eligible to participate, the owner must be considered an employee.
Below are the different types of business owners:
- C Corporation: The owner, along with their spouse and dependents., can participate
- Non-profit: The owner can participate, along with their spouse and dependents.
- S Corporation: If the owner owns more than 2% of the company, they cannot participate.
- Partnership: The owner can participate (acting as a dependent) if their spouse is a W-2 employee. Otherwise they cannot.
- Sole Proprietor: The owner can participate (acting as a dependent) if their spouse is a W-2 employee. Otherwise they cannot.