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Armen brings up some good points about employment law, payroll taxes, and worker's comp insurance. You definitely should get a handle on these things before buying the business.Can't speak to California, but here in Maine, our worker's comp insurance premium is based on our payroll rather than hours worked, and most of our workers are lumped into one category (Hotel-Other) which has (so far for us) included building and grounds maintenance and general labor. The rate for Carpentry is much much higher (some of our payroll in the past fell in that category). If the people you are paying have been deemed to be independent contractors, then you can exclude them from your worker's comp insurance and avoid having to deal with payroll taxes, but the federal IRS (as well as the state Worker's Comp Board, etc...) tend to draw a very fine line distinguishing between who is an independent contractor and who is an employee, and can exact stiff penalties is you've mis-classified someone, so you really do want to know what you are doing in that regard.Good Luck!
Armen brings up some good points about employment law, payroll taxes, and worker's comp insurance. You definitely should get a handle on these things before buying the business.
Can't speak to California, but here in Maine, our worker's comp insurance premium is based on our payroll rather than hours worked, and most of our workers are lumped into one category (Hotel-Other) which has (so far for us) included building and grounds maintenance and general labor. The rate for Carpentry is much much higher (some of our payroll in the past fell in that category). If the people you are paying have been deemed to be independent contractors, then you can exclude them from your worker's comp insurance and avoid having to deal with payroll taxes, but the federal IRS (as well as the state Worker's Comp Board, etc...) tend to draw a very fine line distinguishing between who is an independent contractor and who is an employee, and can exact stiff penalties is you've mis-classified someone, so you really do want to know what you are doing in that regard.
Good Luck!
