If you own a small business with no employees (other than your spouse) and want to set up a retirement plan, consider a solo 401(k) plan. This is also an option for self-employed individuals or business owners who wish to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan.
When drafting partnership and LLC operating agreements, various tax issues must be addressed. This is also true of multi-member LLCs that are treated as partnerships for tax purposes. Here are some critical issues to include in your agreement so your business remains in compliance with federal tax law.
Effective in March 2024, the US Department of Labor has issued a final rule on how workers are classified under the Fair Labor Standards Act (FLSA). This rule was issued to assist employers in determining the status of employees vs. independent contractors, which is especially critical in managing minimum wage and overtime requirements.