EIN: Employer Identification Number - you should request one from the IRS if you have employees, or your business is a corporation or partnership. You can apply by phone, fax or mail. Go to this page on the IRS website...

More Information: How to Apply for an EIN, DETMA Employer Registration

Tagged With: FUTA, General Business, SUTA

How do I get a free copy of my credit report?

You are entitled to one free copy of your credit report each year from each of the three major credit reporting companies. Since the information from each company should be very similar, you can check your report every four months by simply...

More Information: AnnualCreditReport.com

Tagged With: Credit & Finances, General Business

How many hours does someone need to work before I have to have workers comp insurance?

As soon as you have ANY employees, for ANY number of hours, you are required to have workers compensation insurance. The first quarter after you have any payroll, you will also be required to pay SUTA (Massachusetts Unemployment Tax). The only...

Tagged With: General Business, SUTA, Workers' Compensation Insurance

I don't have a credit card. Why do I need to check my credit report?

Identity theft is a huge problem. Even if you've never applied for a loan or a credit card, you should check your credit report to make sure no one else has applied for anything in your name, and to see what's on the report and fix any mistakes...

More Information: AnnualCreditReport.com

Tagged With: Credit & Finances, General Business

I've been laid off - does my company have to continue my health insurance?

If your company had more than 20 employees on its group health plan, they may be required to offer COBRA (smaller companies may voluntarily participate but are not required to). COBRA allows you to continue your health insurance under the same plan,...

Tagged With: Employees, General Business, Health Insurance

SIC (Standard Industrial Classification) Codes

SIC (standard industrial classification) codes are often used by insurance companies to set rates for businesses; classifications are used to determine risk. Your SIC code will affect your liability and workers comp rates, and may also affect...

Tagged With: General Business, Health Insurance, Liability Insurance, Workers' Compensation Insurance

What are the rates for different workers' comp classifications?

The Massachusetts Association of Insurance Agents has general information on rates and classifications on their website. If you think...

More Information: What's the Real Cost of an Employee?, Massachusetts Association of Insurance Agents

Tagged With: Employees, General Business, Workers' Compensation Insurance

What does an Employee REALLY Cost?

Even VERY part-time employees, with no paid breaks or other paid time off or any benefits, will cost substantially more than their hourly rate. Initially, there is the cost of hiring and training, which, depending on turn-over, can be quite high for...

More Information: What's the Real Cost of an Employee?

Tagged With: 1099 Subcontractors, Employees, FUTA, General Business, Health Insurance, SUTA, Workers' Compensation Insurance

What is a DBA certificate?

DBA stands for "Doing Business As." A DBA business certificate creates a public record of the name and address of the owner(s) of a business. You are legally required to register as a DBA if you are doing business under any name other than...

Tagged With: General Business

What's the Massachusetts Workshare Program?

The Massachusetts Workshare Program is a way for a company to cut staff hours without laying people off completely. The company has a much better chance of keeping skilled employees during slow times, while the employees collect a paycheck for the...

More Information: What’s the Massachusetts WorkShare Program?

Tagged With: Employees, General Business, SUTA

Where do I find information on workers' compensation insurance?

The mass.gov website has lots of information. Start at their workers' comp FAQ's page. You might also try the Worker's Compensation Rating and Inspection Bureau...

More Information: Worker's Compensation Rating and Inspection Bureau, Mass.gov Workers Comp FAQs, Worker's Compensation Rating and Inspection Bureau

Tagged With: Employees, General Business, Workers' Compensation Insurance

Who do I need to give a 1099 to?

You should give a 1099 to any vendor who is not incorporated that you paid more than $600 to for services during any calendar year. You do not need to include the cost of materials or reimbursements on the 1099 if the vendor broke those expenses out...

Tagged With: 1099 Subcontractors, General Business

Why should I bother doing 1099's?

Giving someone a 1099 helps confirm the subcontractor relationship and gives your business legal protections. For example, if someone you paid as a subcontractor gets into trouble with the IRS and claims you're responsible for paying their FICA, the...

More Information: Employee vs. Subcontractor: What’s the Difference & Why You Should Care