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Labor Law • Records and Accounting • Taxes
State Labor Laws
New Hires Employers are required to complete a New Hire Reporting Form for every newly hired or rehired employee, full- or part-time, within 20 days.
Minimum Wage As of January 1, 2015, Florida’s minimum wage is $8.05 per hour; tipped employees who meet the eligibility requirements of the federal Fair Labor Standards Act receive $5.03 per hour in addition to tips.
Workers’ Compensation Employers with four or more employees (full-time or part-time) must carry workers’ compensation coverage for their employees. Different requirements apply for construction and agriculture.
Child Labor Workers under the age of 18 cannot work in hazardous occupations such as excavation, electrical work, roofing, mining, operating heavy machinery or moving vehicles, or around explosives, toxic or radioactive substances or dangerous equipment. Additional occupations are banned for children ages 14 and 15. Minors cannot work during school hours without an exemption.
Background Checks Private citizens or companies may request a state-only criminal history record check of an individual through the Florida Department of Law Enforcement website for a fee of $24 per case.
Records and Accounting
Tracking the Numbers
While you’ll probably want to depend on the advice of an accountant for preparation of taxes and important financial documents such as those required for commercial loan applications, you can easily keep simple records for your business using a pre-packaged manual or computerized business bookkeeping system, such as QuickBooks or Bookkeeper. At a minimum, you will need to keep account of gross receipts, purchases, expenses, assets and payroll.
Whichever record-keeping system you use, be sure it allows you to keep a close eye on your cash flow. The fact that your income statement shows a profit doesn’t necessarily mean you have the ready cash on hand to pay your bills. As you’re getting started in business, cash-flow statements and projections can help you control the flow of cash, determine your break-even point and make realistic plans for future expansions of inventory, facilities and staff.
How to Get Your Free EIN
Before getting into the topic of taxes, you should determine if you need to apply for an Employer Identification Number (EIN). For the answer, go to www.irs.gov/businesses/small and click on the “Employer ID Numbers” link. If you are operating as a sole proprietor and you do not intend to have employees, your Social Security number will suffice; otherwise, you will need an EIN.
Note: Applying for an EIN is a free service offered by the IRS; avoid websites that want to charge.
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