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Are Business Owners Required to Provide Health Insurance to Employees?

Business owners are generally not required to provide employee health insurance. However, the new health care reform laws put into place by the Obama administration encourage employers to provide health insurance to employees. The Health Care Reform Act, which goes into effect in 2014, will penalize businesses with over 50 employees that do not provide employee health insurance. However, this penalty costs business owners less than the cost of employee health insurance benefits, so the effects of the new law remain to be seen. Further, many states have proposed legislation that would prohibit the new mandatory health insurance rules from applying to employers.

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Common Forms of Business Ownership that Reduce Personal Liability

Starting a business is a difficult decision filled with many choices. It is a complicated process that involves everything from choosing a name to deciding whether to offer stocks. One of the first decisions you have to make as a business owner is about the legal structure of your business. Click here for details about common forms of businesses.

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What Steps Do I Need to Take to Set-Up a Sole Proprietorship?

A sole proprietorship is one of the easiest types of business entities to set up. For this reason alone, a sole proprietorship is often an attractive option to a small business owner. In fact, you may already be operating as a sole proprietor just by conducting business on your own. Depending on your local laws, you may not even be required to register your business. However, while registration may be unnecessary, it is a great way to protect your business. In addition to registering your business as a sole proprietorship, there are several other steps you should take along the way to ensure that you protect both your business, as well as your personal assets.

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Benefits of Operating as a Sole Proprietorship

Forming a sole proprietorship can be a great way for a single business owner to get a business up and running. Because a sole proprietorship is fairly unstructured, it will allow you to concentrate on building your business, and worry less about the business formalities required to form a corporation or a limited liability company (“LLC”). However, while there are pros to forming a sole proprietorship, there are cons as well.

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When You Can’t Make Payments On Your Small Business Loan

Although your situation may seem fairly fluid, the fact of the matter is that if you fail to pay a small business loan, even if your failure to pay was due to your small business failure, there is a possibility that you could be sued by the bank that gave you the loan. Small business loan defaults are not uncommon, and banks are relatively willing to try to recoup their losses due to a small business failure by filing suit.

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