I am starting up a new business which will include me and one additional hired helper. The business is in North Carolina. What are the legal requirements for providing health insurance, life insurance, and retirement benefits for my new employee? It would be a lot simpler for me to just pay the individual additional 20% or so rather than having to set up all those benefits for such a small business office. What are the legal requirements if any?
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As of right now (pending ObamaCare), there are no requirements to provide either health, retirement or life insurance benefits. You can, of course, work with a bank to provide a payroll deducted IRA with no contribution from you, same with life insurance.
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