Definition of Fiscal Year:
A fiscal year is the 12-month business or accounting year selected by the corporation or LLC. Most corporations and LLCs have a fiscal year that is the same as the calendar year, but some companies choose a fiscal year that begins and ends at another time of year. Most S-corporations have a fiscal year that is the same as the calendar year.
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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