Systems are at the heart of every successful, scalable company. Systems should be built in layers, starting as early as possible in your company’s growth. New systems will be added and existing systems improved as your company grows. An owner builds systems to make herself redundant—so the company runs without her. Only when the company has systems in place and becomes a machine that works, will it become an asset and not just a job….
Partnership and LLC interests consist of capital and profits interests. The uses and tax impact of the two is quite different.
So you’re thinking of hiring an employee or two. Before taking this important step toward establishing or expanding your business, it’s important to have a basic understanding of some key employment law concepts. Employment law can be a complicated area, as it is often governed by both state and federal law. Some important issues, such as at-will employment, are governed by state law, while other areas like overtime compensation and employee status (exempt vs. non-exempt)…
This is a presentation given to the Columbus chapter of the American Payroll Association. It starts off with a basic discussion of common mergers and acquisitions deal structures. Then it gets into the employment issues that tend to come up in the M&A context, and looks at some ideas for preventing or solving them.
Many startups and small businesses get themselves into serious trouble by misclassifying their workers as independent contractors instead of employees. Be careful, the penalties for misclassification can be severe.