Previously the IRS announced that employer payment plans would violate the Affordable Care Act and subject an employer to penalties. An employer payment plan is a plan under which an employer reimburses an employee for all or part of the premium for an individual health insurance policy. The penalty for this arrangement is $100 per participant/per day. In February the IRS granted small employers (those with fewer than 50 full-time employees) a break from the penalty through June 30, 2015. If a small employer is still reimbursing employees for individual health insurance premiums, the employer must stop the reimbursements no …
When organizing as an LLC makes sense
When deciding how to organize your business, one big consideration will likely be whether you need to protect yourself from personal liability, in case your business ever gets sued. On the other hand, you will likely want to keep other aspects of your business as simple as possible. One good possible option for many Ohio businesses is to organize as a limited liability corporation, also known as “LLC.” As the name implies, an LLC protects its owners from personal liability for any debts, judgments or lawsuits against the business. This may protect the owners from serious financial peril someday. In …
Ohio nonprofits have organization options, too
Not all businesses have the same goal. Some people start a small business to try to turn a profit each year, expanding both the business and the owners’ personal income. Others want to create a nonprofit to serve the community in some way. In Ohio, a nonprofit organization can serve a charitable, educational, religious, scientific or community development purpose. Just as with for-profit businesses, state law contains several options for organizing as a nonprofit. The most popular form is the nonprofit corporation. To incorporate, the owner must file Initial Articles of Incorporation with the Ohio Secretary of State’s Office. The …