The organization under analysis can be identified as a for-profit one, as it aims at delivering services and products of the target denizens of the population and retrieving financial benefit. Seeing that the company has not expanded fully into the global market yet, it can be defined as an S-corporation. The latter type is typically described as the entrepreneurship that involves a single-taxation system and is managed financially by its shareholders. In particular, the process of taxation implies that the shareholders should partake in the process. Among the most obvious constraints of an S-Corporation, the limited amount of shareholders (100 or less) needs to be mentioned. Since the firm is planning to expand as it enters the realm of the global economy, it can be assumed that it will change its current status to a C-Corporation as a result of an increase in the number of shareholders (Shenk, 2015).
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Employee Compensation and Benefits Package
The Secretary of the Department will be provided with an opportunity to use healthcare services of the Millennium organization. The specified benefits are a part of the Point-of-Service Plan strategy (Reed, Butler, & Rilla, 2011).
The organization also offers a Fully-Funded Employer Plan for the treatment of dental health issues of the Secretary of the Department. The specified package covers 100% of the costs and, therefore, implies that the organization is ready to invest in the health of the staff members.
401K Retirement Savings Plan
Although the adoption of the plan that can be defined as the most common strategy used by the U.S. organizations might be viewed as somewhat lazy, the reasons for the specified approach to be adopted concerns primarily the fact that the firm cares about its staff members’ wellbeing and respects their rights as the members of the organization. Particularly, the give retirement plan implies that the employee is in complete control of it. Although the specified option means that a significant part of liabilities is assigned to the latter, it also means that the staff member is allowed to withdraw funds from the current savings. The instances, in which the withdrawal may occur, include the cases of refund. In addition, the retirement plan in question permits the Secretary of the Department to use the tax-free distributions received from the funds after the retirement (Dail, 2015).
The Secretary of the Department is provided with annual financial support for the purposes of recreation. The vacation money ranges from $5,000 to $7,500. In accordance with the South Carolina State law, in case of retirement, the employee is provided with the financial compensation for the accrued and unused vacation time.
Similarly, financial support is provided for several types of a time-off, including the maternity leave, the medical leave, sabbaticals, and flextime.
The benefits package includes payment for the days when the employee is forced to leave under the pressure of circumstances. Particularly, these days include the paid sick days as well as paid vacation days, marriage or funeral days, and paid personal days. IN addition, the company provides an opportunity for a paid time off. By following the designated policy, the firm recognizes the staff’s responsibility as well as their ability to plan their work in the manner that will not cause delays or lead to any kind of procrastination.
Dail, F. W., v. (2015). Hard living in America’s heartland: Rural poverty in the 21st century Midwest. Jefferson, NC: McFarland.
Reed, B., Butler, L. J., & Rilla, E. L. (2011). Farmstead and Artisan cheeses: A guide to building a business. Berkeley, CA: UCANR Publications.
Shenk, D. H. (2015). Federal taxation of S corporations. New York City, NY: Law Journal Press.