Federal, State, and Local Laws Federal, State and local laws must be adhered to
ID: 444572 • Letter: F
Question
Federal, State, and Local Laws
Federal, State and local laws must be adhered to when developing or managing a business.
In this Discussion you will review Federal and State laws as well as examine your local laws in relation to the Simulation of Tim's Coffee Shoppe and Exavier Candy Company.
https://www.sba.gov/category/navigation-structure/starting-managing-business/starting-business/business-law-regulations
The above link is to the U.S. Small Business Administration site where all federal laws and regulations can be accessed for reference purposes. Make sure you research your state and local laws that apply.
Identify one Federal, State and local law each for Tim’s Coffee Shoppe and Exavier Candy Company (a total of six laws) that would apply to those businesses (laws you have not previously described) if they were located in your area. State why each law applies based on the difference in the size and type of each business.
Describe the impact of these laws on each of these companies.
U.S. Small Business Administration. (n.d.). Electronic lending. Retrieved from http://www.sba.gov
Having a little trouble any help would be great!!
Explanation / Answer
Tim's coffee shop is a sole proprietorship business.
Federal law: employees will have to be paid a a minimum wage of not less than $7.25 per hour. Youths under 20 years of age may be paid a minimum wage of not less than $4.25 an hour during the first 90 consecutive calendar days of employment with an employer. Employers may not displace any employee to hire someone at the youth minimum wage.
State laws: Tim's coffee shoppe will have to pay certain taxes required by the state. All states require payment of state workers' compensation insurance and unemployment insurance taxes.
Local laws: payment of business tax registration.
The impact of federal law is that Tim's coffee shoppe cannot underpay its employees. The state and local laws will increase the tax burden for the coffee shop.
Exavier Candy company is a limited liability company.
Federal laws: Anticompetitive mergers and business practices should be avoided.
State laws: standards should be set to ensure provision of safe and healthful work places.
local laws: The employer must obtain a workers' compensation insurance policy. The fee for the employer is $2.30 times the number of covered employees working on the last day of the quarter.
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