The Pros and Cons of Sole Proprietorship
Transitioning from being an employee to being self-employed is a goal of many American workers, and a growing number of workers have realized their goal in the wake of pandemic-related economic disruptions. Individuals often cite taking control of their careers as a top motivating factor for being self-employed. Self-employment frequently starts as a side hustle […]
What You Need to Know about Paying Yourself as a Single-Member LLC
You are a new business owner and have decided to organize your business as a limited liability company (LLC). You are its sole owner and work for the company. How do you pay yourself?
Why You Might Want to Hire Someone to Be Your Registered Agent
If your business is registered with the state, you are required to name a registered agent at the time of registration or incorporation. A registered agent is the person who receives legal and tax documents on behalf of your business. You or other people in your business can serve as the registered agent, but doing so raises a few potential issues. To avoid those issues, you can hire an attorney or company to serve as your registered agent.
What Employers Should Know about Giving Gifts to Employees
Giving gifts to employees must be taxed and included on year-end tax forms unless they qualify as de minimis benefits, are presented as achievement awards, or are given with no business purpose.
Considerations for Paying Employees: What to Know about Setting Wages and Salaries
woman paying employees
Legal Considerations When Hiring an Intern
Interns can receive hands-on training in their field of interest while assisting your company in reaching its goals. However, it is important to keep in mind the various legal considerations and requirements associated with this specific type of hire.
Considerations for Hiring Your Child as an Employee
Hiring your child to work in the family business can be a win-win situation for both you and your child.
Why You Cannot Withhold Payment from Employees
Failure to pay employees could result in a lawsuit, an injunction, civil penalties, or even criminal penalties.
Key Person Insurance: What Is It and Do I Need It?
Key person insurance is a hybrid between business insurance and life insurance. Companies can take out this type of insurance on the lives of certain employees to cover the risk of losing “key” workers.
Using a Deferred Compensation Agreement in Your Business
The war for talent is heating up. A record number of workers have quit their jobs this year, creating a massive problem for employers. While higher pay can help get new workers in the door of your business, wages alone may not be enough to keep them there.