When you’re in the middle of the layoffs, the last thing you want to do is spend more money, right? The whole point of layoffs is to cut costs, isn’t it? But the cost of outplacement assistance could be well worth it in terms of controlling the damage to your brand and reputation that layoffs […]
From a general business perspective, the number of employees, type and number of employee fringe benefit programs, and other factors influence the need for an employee manual.
Disadvantages of Using Professional Employer Organizations for Staffing: Many small businesses have been utilizing Professional Employer Organizations (PEOs) for insurance savings and other staffing cost management solutions.
It is important to note that a worker’s classification as an employee or an independent contractor is not an arbitrary election by an employer or worker but is based on the worker’s job and the control the party who engages the worker exerts over how the worker performs that job.
As a general rule, a 401(k) plan allows for much larger annual contributions overall and larger contributions at lower levels of income than a SIMPLE IRA plan which can make a 401(k) plan more appealing to both businesses and their employees.
Federal and state labor laws are very complex, and there is no easy summary of non-compliance and penalties. You can obtain considerable state and federal labor law information by searching for your particular state.
Independent contractors pay their own payroll taxes and insurances, including workers’ compensation, and are not covered by many labor laws, so the financial and administrative benefits of having a workforce composed of independent contractors can be significant.
If you do not plan to focus any efforts on the technology company’s business and it is not generating any residual or ongoing income, then we would agree with you that you should dispose of this company to eliminate the tax and regulatory filings and other administrative costs of maintaining the inactive corporation.