Overtime protections were first put into place by the Fair Labor Standards Act of 1938, and established the general standard that workers be paid time-and-a-half for any hours worked over 40 hours in a week. In general, all hourly employees are guaranteed overtime, and salaried employees are presumed to have the same guarantee unless they both: (1) make more than a salary threshold set by the Department of Labor, and (2) pass a test demonstrating that they primarily perform executive, administrative, or professional duties.
An ever-popular method for small businesses to acquire some extra—albeit temporary—hands on deck is to hire interns. Typically college students with similar career aspirations are eager to gain some real life experience, or at minimum a few lines for the old resume. So, with motivated college students at the ready to perform some of the more mundane tasks that small businesses have to deal with, owners are understandably eager to jump at the chance to bring in some free—or at least low cost—young workers.
The prospect of hiring workers, while exciting, can be intimidating to new business owners, Employment law can be a confusing and time-consuming minefield, and the consequences of making a mistake can range from costly to financially devastating. Generally, employers must consider a number of new responsibilities, including withholding income taxes, paying Social Security and Medicare taxes,unemployment tax and insurance not to mention the bevy of registration and compliance requirements at the local, state and federal level.
I often receive questions from small business owners or folks thinking about starting a new business about how best to protect themselves from liability. Not surprisingly, from a legal standpoint, it’s usually the primary concern of new business owners. In the age of Google, it’s possible for curious entrepreneurs to look into that question on their own before coming to me for my opinion.
As an estate planning attorney, I find myself working with clients to protect certain aspects of their financial life at a very high level, meaning, that while we work together to establish the framework that ensures the client and his or her family will be taken care of should something happen, I don't specifically deal with the financial vehicles involved in helping folks grow their assets during life. That's where the financial advisor comes in and why guys like Brian Plain are great to have on your team.
One of the first decisions an entrepreneur must make after deciding to start a business is how the business should be structured. There are a number of options, from C Corporation to S Corporation, to various types of partnerships. But by far, the most common entity chosen by small business owners is the Limited Liability Company, or LLC.
For many new business owners, one of the first questions they need to tackle is what type of business entity to form.
The licenses and permits you will need to operate your business vary widely depending on your location and type of business. However, there are a few items that will be necessary for nearly all new businesses.
Every business owner thinks about how his or her company will grow from a small entrepreneurial idea, to a budding business, to something sustainable and long-lasting. Employees are almost certainly part of that process. But, for many small business owners, employment law is a complex web of seemingly endless laws and regulations which can easily trip up even the savviest and cautious business owner leading to unwanted and often costly consequences. So what’s a small business owner to do? Well, a few things come to mind.