Florida Businesses – Two Focus Numbers as the New Year (Rapidly) Approaches. And a Free Gift, Too!

Florida Businesses – Two Focus Numbers as the New Year (Rapidly) Approaches. And a Free Gift, Too!
busine, rate, munns, floridas, legal, florida, minimum, wage, hour, attorney

Item #1 –

Florida’s core minimum wage rate will increase to $8.46 per hour starting January 1, 2019.1 (This is up from $8.25 per hour in 2018.2) Florida’s rate exceeds the Federal $7.25 per hour rate, so Florida’s hourly rate prevails in-state.3 It should be noted that like all things legal there are exceptions to the minimum wage, such as the $5.44 per hour rate plus tips for tipped employees.4

It should be noted that there is a corresponding poster requirement related to the new minimum wage (as well as for workers’ compensation matters, the next subject of this piece).5

Please note that this brief update does not address the evolving topic of overtime requirements, which has been covered in this series previously and will undoubtedly be again.6

To consult with an experienced business law lawyer today, call 855-686-6752

Item #2 –

For the third year in succession, Florida’s general workers’ compensation rate will decrease7, effective on January 1, 2019 to a 13.8% decrease.8 That decrease is, on its face, a ‘plus’ for Florida’s businesses, but – as mentioned at the ‘top’ of this article – workers’ compensation insurance is highly complicated, with exceptions, historical reserves-based algorithms resulting in the critical ‘Mod Rate’9, periodic audits, and other generally fun stuff. Of the many areas with which a company must attend to on an ongoing basis, this is one which should certainly involve that company’s insurance agent and business attorney on a continuous and ongoing basis.10

Do not let the radio, cell phones, air conditioning, a heated discussion, or the passengers in your vehicle distract you from driving.

 

And an absolutely free holiday gift…While it is still a bit early, please recall that Florida business entities must file their 2019 Annual Reports before May 1 of each year.

And with that in mind…Happy New Year 2019! May it be a very successful one for ‘you and yours’!

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1 http://www.floridajobs.org/business-growth-and-partnerships/for-employers/display-posters-and-required-notices

3 https://www.dol.gov/general/topic/wages/minimumwage

4 http://www.floridajobs.org/docs/default-source/business-growth-and-partnerships/for-employers/posters-and-required-notices/2019-minimum-wage-poster/poster-fl_minwage2019.pdf?sfvrsn=2

7 See https://www.insurancejournal.com/news/southeast/2018/11/07/506869.htm

8 https://www.floir.com/PressReleases/viewmediarelease.aspx?id=2242 and https://www.insurancejournal.com/news/southeast/2018/11/13/507309.htm

9 https://www.floridawc.com/workerscompensation/policy/mod/

11 https://dos.myflorida.com/sunbiz/manage-business/efile/annual-report/. This year the online reports can be filed starting January 2, 2019. https://dos.myflorida.com/sunbiz/. 

– For more information, call Philip N. Kabler of the Gainesville, FL office of Bogin, Munns & Munns at 352.332.7688, where he practices in the areas of business, banking, real estate, and equine law. He has taught business and real estate law courses at the University of Florida Levin College of Law and Warrington College of Business Administration. And is now the President-Elect of the Eighth Judicial Circuit Bar Association.

Do you have a business matter concerning company formation, contracts, purchase and sale transactions, financing transactions, taxes, human resources, intellectual property, risk management, or lawsuits? If so, please fill out our online Business Questionnaire to receive a free telephone discussion with one of our Central Florida business law attorneys. During this free telephone discussion the attorney will go over your current situation and your legal options.

NOTICE: The article above is not intended to serve as legal advice, and you should not rely on it as such. It is offered only as general information. You should consult with a duly licensed attorney regarding your Florida legal matter, as every situation is unique. Please know that merely reading this article, subscribing to this blog, or otherwise contacting Bogin, Munns & Munns does not establish an attorney-client relationship with our firm. Should you seek legal representation from Bogin, Munns & Munns, any such representation must first be agreed to by the firm and confirmed in a written agreement.

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