Gov. Bill Ritter recently signed into law the 2008 Professional Employer Organizations Modernization Act, which promises greater security for small businesses that rely on professional employer organizations (PEOs) to provide outsourced HR, , payroll and workers’ compensation services.
Roughly 200 PEOs currently serve thousands of small businesses in Colorado. Until now, they have operated with minimal regulation.
The act, shepherded through the Legislature by state Rep. Christine Scanlan, requires PEOs to have a state license, file annual audited financial statements and maintain a minimum amount of working capital.
“This legislation creates a responsible regulatory framework for unemployment insurance reporting and shields small businesses against unnecessary compensation litigation,” said Milan P. Yager, executive vice president of the National Association of Professional Employer Organizations.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/6851/new-law-brings-oversight-to-outsourced-hr "