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Business Competitions Breed Great Ideas and Opportunities

In October 2009, Filings Made Easy was a sponsor and judge for a business competition held at Babson College in Wellesley, MA.  The contestants included undergraduate and MBA students from Babson College and other colleges and universities that place high value on their entrepreneurial programs. 

A key highlight of this competition was the business presented by Megan Shea — RetireLife (www.RetireLife.net).  RetireLife is receiving great attention in the Boston area, and Megan is doing big things, including recently received recognition and publicity by BusinessWeek.

Babson College is developing great ideas and well-prepared entrepreneurs.  They are the next generation of business leaders.  http://www3.babson.edu/newsroom/releases/BizPlanComp10-16-09ns.cfm

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Today’s Question — Friday, July 30

Must I pay all of my employees?

It is not unusual for start-up companies to have limited cash resources. It is also not unusual for entrepreneurs to entice employees to the company by offering stock compensation, instead of cash, until such time as the business can afford to pay regular salaries. However, it is advisable to consult with an employment lawyer in your state of operations to determine if this is permissible under the state’s wage statutes. In most cases, the lawyer will likely advise that each employee be paid an amount equal to applicable minimum wage amounts.

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