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Complying with the law when hiring employees

As Ohio businesses grow, owners may find themselves coming to a point at which they need to hire employees. This can be an exciting time because it means that the company is expanding, but it can also be nerve-wracking because owners certainly want to ensure that any new help is right for the job. Additionally, future employers need to make sure that they comply with the law when hiring employees.

One of the first steps that a business owner needs to take is to obtain an employer ID number. This ID number is used by the IRS to keep up with a particular employer's business information. Plus, the EIN allows the employer to start payroll and keep up with the necessary tax-related information for the business.

What does the Department of Labor's new rule mean?

After three years of back and forth discussion regarding the new limits of the Overtime Rule, the U.S. Department of Labor (DOL) has finally reached a conclusion. Their ruling will extend overtime pay to 1.3 million American workers under the Fair Labor Standards Act (FLSA).

DOL Wage and Hour Division Administrator Cheryl Stanton has commented on the rule. She says the department considered public input and insight, as well as prior calculations, when coming to this final decision. Additionally, the DOL press release quotes her as saying, "The Wage and Hour Division now turns to help employers comply and ensure that workers will be receiving their overtime pay."

Stocks, other employment perks could affect divorce outcomes

Ending a marriage means assessing details that many Ohio and Kentucky residents may not have considered before. For instance, individuals going through divorce need to understand how their income and other compensation could affect their property division proceedings. If individuals receive income other than a straight salary, they may need to give that income closer consideration.

Stock options are a benefit that many employers offer their employees. If individuals have stock options earned during their marriage that is now ending, it is likely that compensation earned from those stocks could be divided during the divorce. However, determining the exact amount of compensation obtained and the percentage that each spouse is entitled to can prove tricky. It is important to assess the terms of the stock options, which could also impact whether they are considered marital property.

Estate planning as an individual with a chronic illness

Thinking about the future and making plans for your estate and health care years down the road can be difficult and anxiety-inducing. This is especially true for individuals who have chronic illnesses. If you have a sickness that will likely impact the rest of your life, it may be necessary to take this into consideration in your estate plan.

It is possible to have protections and plans in place that can allow you to say what type of health care you may want in the future. You can also set aside funds for your care, designate a person to act on your behalf, and take other steps that will reduce the emotional and mental burden on your family.

Balancing your job with the divorce process

Perhaps you never realized how consuming your divorce would be. Not only is it taking a great deal of your time, but you may find that it takes up much of your thoughts. Perhaps you are preparing for your deposition, taking inventory of your assets and working out a strategy with your attorney.

Meanwhile, you are also trying to do your job. As much as you would like to keep your personal life away from the office, you may wonder how it is possible when there are so many details to take care of for both. Nevertheless, failing to separate your complex divorce from your Ohio business may compromise the success of both.

DIY trends may not suit estate planning

Leaving your family without a plan when you are unable to care for yourself or after you are gone will result in anxiety and confusion for your loved ones. Putting your wishes down on paper when it comes to end-of-life care and how you want your final affairs handled after your passing can give you peace of mind and allow your family to feel more comfortable knowing that you have provided them with valuable instructions.

When it comes to creating the plan itself, you have many options you could utilize. However, some options may prove more beneficial than others. For instance, online resources that allow for do-it-yourself estate planning may have more negative aspects than positive ones.

Protecting employees during slippery weather

You likely do all you can to protect your employees from harm. This may include providing personal protection devices, mandatory safety training, and the most efficient and safest equipment for your industry. However, there may be dangers you are overlooking.

Some of the most common injuries among workers occur when business owners neglect to exercise precautions during winter. Ohio weather is unpredictable, and the state has already dealt with a blast of wintry precipitation this year. Failing to tend to the hazards of snowy and icy surfaces may result in an employee injury, which places you at risk of liability.

Do you want more information on collaborative divorce?

As your marriage comes to an end, you fear that the divorce process could degrade into a contentious court battle. After discussing the issue with your future former spouse, you both agree you do not want to go your separate ways in this manner.

Instead, you want to use an alternative dispute resolution method. You heard about collaborative divorce, and it sounds like something that you could benefit from, but you want more information before making a decision. This article gives you the basic information you may need to help you make an informed choice.

Who gets your great-grandmother's pearls?

As you begin the estate-planning process, you may be fortunate enough to have some property that will pass to beneficiaries of your choice without going through probate. This could include liquid assets such as your deposit, investment, and retirement accounts. It may even include some real estate and other large assets, depending on how one titles them.

You may breathe a sigh of relief that your largest assets will be secure upon your death. However, there may be valuable, but less obvious assets that you may not have considered. Many people forget about big-ticket items on the walls of their homes or in their jewelry boxes, for example. If you don't make a plan for items like these, it could cause a great deal of consternation and contention among your surviving family members.

5 tips to consider when choosing a business name

Taking realistic steps to start your own business can stir many emotions. You know you have a great deal of work ahead of you, but you look forward to reaching a point where business operations can truly get underway. Before that happens, however, you will need to make several small but significant choices.

One choice you need to make that will have a lasting impact on your business is deciding on your business name. This part of the process can seem exciting, but it can also prove more complex than you may have originally thought. Therefore, it may prove wise for you do carefully consider your name options before choosing one.

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