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Small Businesses

What is the ‘Age 26’ Requirement Under the ACA?

Law Requires Certain Employers to Offer Dependent Coverage Until Age 26 Under the Affordable Care Act, when a plan covers dependents, it must continue to make the coverage available until a child reaches the age of 26, even if the young adult has been offered coverage through his or her own employer, is married, no longer lives with his or her parents, is not a dependent on a parent’s tax return, or is no longer a student. There is no federal requirement compelling a plan or issuer to offer dependent coverage. However, applicable large employers may be liable for a “pay or...

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Ensuring a peaceful succession with a buy-sell agreement

A buy-sell agreement is a critical component of succession planning for many businesses. It sets the terms and conditions under which an owner’s business interest can be sold to another owner (or owners) should an unexpected tragedy or turn of events occurs. It also establishes the method for determining the price of the interest. This may sound cut and dried. And a properly conceived, well-written buy-sell agreement should be — it is, after all, a legal document. But there’s a human side to these arrangements as well. And it’s one that you shouldn’t underestimate. Turmoil and conflicts A business owner’s unexpected death or...

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Protect Your Organization This Hurricane Season

Tips on Preparing Your Business for a Natural Disaster With the start of peak Atlantic hurricane season this month comes the risk of losing essential business records, files, and other materials to floods or damaging winds. To reduce your damage costs and hasten your return to normal business operations, follow the following tips from the Federal Emergency Management Agency (FEMA): Confirm your insurance: Review the details of your flood and other hazard insurance policies, paying close attention to which items are covered and under what conditions. If you have questions, contact your insurance agent. Back up essential files: Regularly back up important...

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