These responsibilities range widely from paying workers appropriately to making a business as safe as possible. An employer electing to shirk these responsibilities could incur costly civil liability and lose business licenses and permits. Wages and Taxes You have a responsibility to pay employees of your small business at least the minimum hourly wage in your state and to pay each employee money owed from working per pay period, including overtime, sick leave and vacation wages. Paychecks should always be on time and without delay so your workers can meet individual financial obligations.
It asserts that firms exist in order to maximize profits. Firms by Ownership Type There are several types of firms that differ from each other based on their ownership structures.
One type of firm is a sole proprietorshipor sole trader.
A sole proprietorship is owned by one person, and, consequently, that person is liable for all costs and obligations.
The benefit is that all aspects of the business belong to that person, including all assets. Another type of firm is a partnership, which is a business owned by two or more people. Similar to a sole proprietorship, the owners in a partnership are each liable for all business obligations, and together they own everything that belongs to the business.
There is no limit to the number of partners that have a stake in ownership. A third type is a corporation. A corporation can be owned by individuals or by a government. A firm owned by multiple people is often called a company.
A fourth type of firm ownership is a cooperative, or a co-op. A cooperative is similar to a corporation in that its owners have limited liability, but the difference is that its investors have a say into the company's operations.
While business activities are typically conducted under the firm's name, the legal protection to employees or owners depends on the type of organization it was created under. Some organizational types, such as corporations, provide more protection than others.One common misconception is that, unlike employees, independent contractors are not owed notice of termination.
In one recent case from Ontario, an employer was forced to pay an independent contractor for notice because of the way the termination clause was drafted in the contract.
Employment Law and Duties to One's Former Employer. When starting a company, many entrepreneurs believe that the end justifies the means, and may be lax about fulfilling obligations to former employers.
Since the state’s general minimum wage was $ per hour, however, employers had a legal obligation to show that their tipped employees earned at least $/hour once their hourly wage and tips were combined. Federal minimum wage is only $ so Ohio’s employees . Corporate social responsibility (CSR) refers to strategies corporations or firms firm provided for solving social problems.
In the early twentieth century, social performance was tied up employees, shareholders, communities and other stakeholders as well as their environment.
This obligation . The Legal Intelligencer Employers who are currently negotiating an initial collective bargaining agreement should be mindful that the National Labor Relations Board (NLRB) recently reaffirmed its analysis in Alan Ritchey, NLRB (), regarding an employer’s obligation to bargain before disciplining individual employees when a union has been certified, but has not yet entered .
The employee’s obligation to employer The main duty of the employee to the firm, on the rational structure model, is to work towards the goals of the firm.
This is understood to imply a duty of obedience to superiors, and a duty of avoidance of activities harmful to or contrary to these goals.