Do any of you with an LLC give your employee (yourself) group benefits?

I’m looking into having my company offer its employee (me) group pet insurance through the ASPCA. The ASPCA says the group can be any size and the participation requirement is 1 employee. That works for us!

Other things I’m thinking of is offering a retirement plan. Since my spouse has health insurance, we don’t really need to offer group health insurance.

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This would be an amazing benefit that honestly I didn’t even know was possible! :star_struck:

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@Amazon_Seller you might consider moving this out to E-commerce Business Management for more input. Let me know if you want me to.

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No problem. I thought it would be good for small businesses, since I don’t think single-owner businesses don’t often think of benefit plans.

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Very interesting…

I’m thinking of how p’od someone would be if he got to see the details of my business expenses within the LAW because every single one of them reduces my NET income off which Child Support is calculated. (And that ended about 15 years ago, but still. I would have done it…)

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Done! :grin:

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You certainly can offer a SEP or Keogh plan. Available through many banks and brokerage firms.

Be careful, there may be reporting requirements with heavy fines on a daily basis if you fail to file or file late. Whether there are reporting requirements depends on the balance in the plan.

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Do you reporting requirements mean just for retirement plans or for other benefits like the pet insurance?

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I mean for retirement plans.

The reports are filed each year with the IRS, separately from tax returns and are shared with the Department of Labor.

Different due date, different filing address.

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We have a small LLC (scorp) with only part time employees. But we set up a Simple IRA option through T Rowe Price. Super easy. And we also offer a small match. Best part is that I (as the big wig around here) have the opportunity to sock away something for retirement.

Never considered any other benefits because most of what we might have wanted needed at least two full time employees that aren’t the company owner.

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