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Financial Tips and Hints

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Guaranteed Payments to Members of LLC

Every day I learn at least one knew thing from my colleagues, clients, friends and especially my children! The new factoid of the week concerns making payroll payments to members of an LLC. It depends on whether your LLC is set up as a Corporation or a Partnership. I found this article to be quite valuable.

Wage Theft Prevention Act

I wanted to follow-up regarding the Wage Theft Prevention Act that was released from the NYS Department of Labor.  As of February 1, 2012 ALL EMPLOYEES must have the correct “Notice and Acknowledgement” form completed.

New York State will be assessing a $50 fine to employers for each employee that does not have documentation.  This is now an annual requirement. Every employee must complete a new form by February 1st of each year.

For your convince, here a link for more information on the NYS Labor Law.

Please let me know if I can be of assistance with any of your clients who are processing their payrolls manually, and otherwise not currently providing wage statements(check stubs) to their employees.  The earnings statement that Paychex, ADP and Compupay provides with every paycheck satisfies this new requirement.

Daphne Rose-Jevremov is a hands-on controller for small businesses. She has over 20 years experience working with entrepreneurs in progressively successful media consulting firms.

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