Many small business owners do not take the time to develop a comprehensive corporate, ownership, accounting, and tax and employment strategy. There are a variety of ways that small business owners shoot themselves in the foot by commingling funds, sharing or leasing employees, failing to acquire adequate WC coverage or EPL.
The affiliation and ownership structures of S-Corps, LLCs, partnerships and C-corps make a difference in determining the employee head counts for the FLSA, the IHRA, the ADA, the ADEA, Title VII, the IWPCA, and a variety of related employment law regulations. It is important to make sure that your attorney, accountant, bankers, and commercial insurer are on the same page. Moreover, the payroll services provider should also be included to ensure that there are adequate record keeping procedures in place.
However, most small business owners tend to be penny wise and dollar foolish. Thus, they tend to always opt for the lowest cost service provider and require more assistance in the long run. We have often had to help entangle the mess that small business owners have found themselves in after going with Nolo, Legal Zoom, CSC or a general practitioner without the expertise in accounting, corporate, tax and employment matters.
Most of the time the Small Business Owners have to pay more to entangle a mess than if, they would have initially complied with the applicable regulations. Of Course, if you have any concerns or questions, then please contact us at www.vrplawgroup.com