Many small businesses rely on equipment financing contracts and equipment leases to obtain office equipment or tools of the trade. Equipment financing and/or leasing helps businesses meet their equipment needs right away, but there are risks involved. Here are our top 5 tips for managing risk:
1. Don’t stop making payments under a lease or financing contract.
Equipment should always be inspected before the contract is signed. Most equipment leases and financing contracts contain, at the least, a clause indicating that the purchaser/lessee has had the opportunity to thoroughly inspect the equipment. Many contracts require […]
If your employees work in the City of Minneapolis, even infrequently, you may need to comply with the City’s new minimum-wage ordinance. Effective January 1st, 2018, the ordinance will incrementally raise the minimum wage until it reaches $15.
Does my business have to comply?
Yes, if your employees work in Minneapolis for at least 2 hours/week during any calendar week (not during every calendar week). A calendar week is defined as Monday-Sunday. But take note:
You have to pay the minimum wage for time worked within the City when the employee meets the conditions […]
Many businesses try to hire “independent contractors” by issuing IRS Form 1099 and signing independent-contractor agreements. Unfortunately, these steps don’t guarantee that workers are legitimate subcontractors or independent contractors. Instead, federal and state guidelines generally focus on the worker’s job duties in order to determine the appropriate classification.
Each state can create additional rules and regulations pertaining to worker classification. Check with your state labor department for clarification on state-specific rules. However, the federal government’s guidelines, described below, generally provide enough clarity to determine proper worker classification.
Federal guidelines 1: IRS
The IRS […]
In May 2016, the US Department of Labor issued a new final rule amending the salary requirements for workers who qualified for overtime exemptions under the Fair Labor Standards Act (FLSA). Under the rule, the salary requirements for exempt workers would rise from a minimum of $455 per week ($23,660 per year) to $913 per week ($47,892 per year) with additional increases scheduled for every three years beginning in 2020.
In November 2016, before the new rule went into effect, a preliminary injunction was issued by a Federal District court in Texas, preventing the rule from taking effect […]