NASSAUSUFFOLK

 View Only

  • 1.  Workers Compensation

    Silver Most Valuable Member
    Posted 12-29-2023 11:35 AM
    Hi all:

    I understand that an LLC that has four equal members (two are working members) and no employees is not required to have workers compensation and disability policies.

    Will coverage be required if the company elects to be taxed as an S Corporation?

    Thanks,

    ___________________________________________________________________________________________________

    CONFIDENTIALITY NOTE: The information contained in this transmission is privileged and confidential information intended only for the use of the individual or entity named above.  If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited.  If you have received this transmission in error, do not read it.

                                                                                                                                                   

      



  • 2.  RE: Workers Compensation

    Platinum Most Valuable Member
    Posted 12-29-2023 12:21 PM

    I am not sure of the correct answer, but I have a question.

    Will those two non-working members have  S\E Income allocated to them ?

     

     

    Abby Alhante,  CPA

     

    Kurcias  & Alhante, LLC  CPAs

    525 Broadhollow Road   Suite 104

    Melville NY  11747

    516.829-5890  Ext  2   Fax 516-829-3976

    Mobile 516-381-9301

    AbbyA@KurciasAlhanteCPAs.com

    ( E mail response preferred )

     

     




    Original Message


  • 3.  RE: Workers Compensation

    Silver Most Valuable Member
    Posted 12-29-2023 01:14 PM
    yes

    ___________________________________________________________________________________________________

    CONFIDENTIALITY NOTE: The information contained in this transmission is privileged and confidential information intended only for the use of the individual or entity named above.  If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited.  If you have received this transmission in error, do not read it.

                                                                                                                                                   

      




    Original Message


  • 4.  RE: Workers Compensation

    Platinum Most Valuable Member
    Posted 12-30-2023 09:15 AM

    Hi Leonard

     

    My read from the WC board  says no. unless there are employees.  however, I am going to take this one step further, as I am curious.

    I have an insurance agency, I am going to ask one of my CSR  to follow up  and call an underwriter.

     

    What is the type business. How is their revenue earned, what is their product ?

     

    Here is a link from the NYS WC web site and why I feel no, it is not required.

    https://www.wcb.ny.gov/content/main/coverage-requirements-wc/llc-llp.jsp

     

    Abby

     




    Original Message


Discussion Disclaimer

The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.