Oklahoma Bill Aims to Assist Small Family Businesses
House bill HB 1003 put forward by Representative Sally Kern (R-Oklahoma City) aims to assist small family businesses employing five or fewer employees who are all related.
As it stands now, only a “natural person” not a corporation, LLC or partnership, etc. can be exempt from Oklahoma workers’ compensation mandates.
HB 1003 would expand the definition of “employer” to include not only a natural person, but also a partner, a member of an association or an incorporator of a corporation if the employer is a partnership, limited liability company or corporation.
According to Kern, workers’ compensation reforms approved four years ago removed exemptions for partnerships, limited liability companies, and corporations. By doing so, Kern said things have been made more difficult from small family firms.
Kern added the reforms signed into law in 2005 are not a problem for big corporations, but have had a negative impact on smaller family businesses, forcing them to carry thousands of dollars in insurance. (workersxzcompxzkit).
If approved, Kern said the new legislation would remove some of these burdens on smaller family businesses.
Author: Robert Elliott, J.D.
Click on these links to try it for yourself.
WC Calculator: www.ReduceYourWorkersComp.com/calculator.php
TD Calculator: www.ReduceYourWorkersComp.com/transitional-duty-cost-calculator.php
WC 101: www.ReduceYourWorkersComp.com/workers_comp.php
Do not use this information without independent verification. All state laws are different. Consult with your corporate legal counsel before implementing any cost containment programs.
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