FAMLI Program Rollout Attention small business owners in Colorado: the new Family and Medical Leave Insurance (FAMLI) program began on January 1, 2023. First payments are due by April 30th, 2023. FAMLI is a state-run program providing wage replacement benefits to employees who need to take time off work to care for their family. Benefits can be used for taking care of a new child, or looking after a family member who has a serious illness. Colorado FAMLI Program: How…
In Colorado, determining whether a worker is an employee or an independent contractor is important for a variety of reasons. These include the obligations of employers to provide workers’ compensation insurance, unemployment insurance, as well as other benefits. Moreover, under Colorado law, an individual is presumed to be in covered employment unless it is shown: Shifting Burden of Proof Typically, the if a worker performs services for a company, the presumption is they are an employee. The burden of proof…
Starting an LLC: An LLC is a legal business entity that has the benefits of both a corporation and a partnership. It has the pass-through taxation of a partnership, but provides personal liability protection like a corporation. The Limited Liability Company (LLC) is the most flexible types of entities for business owners in Colorado. A Colorado LLC provides you with personal liability protection and keeps your profits “passed through” to your individual tax return, which means you can take any…
What are Blue Sky Laws? The Colorado Blue Sky Laws are a set of regulatory laws. They govern the sale of securities and investment in Colorado. The term comes from the phrase “blue skies,” meaning “honest and open.” The US Securities Act of 1933; one of the first blue sky laws enacted by Congress to protect investors from fraud and misrepresentation. It requires all companies issuing securities to register with the SEC before they can sell them publicly. These laws…
A question often asked is whether or not a single member LLC (SMLLC) will protect the owner from personal liability should something go wrong and the company is sued. In other words, can a Colorado plaintiff easily pierce the corporate veil and go after the personal assets of the business owner? Commonly, known as “piercing the corporate veil“. The answer of course is, it depends. Since Colorado allows LLCs to have only one member. C.R.S. 7-80-204(g) and can be for…