Larry Kraft owns a restaurant that is open 7 days a week. He has 25 full-time employees, but he has fairly high employee turnover. He believes that he can stabilize his workforce if he has a pension plan for his employees. Larry hears about a new small business retirement plan called the SIMPLE IRA. What are the qualifications and limitations for him to establish this plan?
Answer to relevant QuestionsWhat is risk? What is the difference between systematic and unsystematic risk? Sam Club earned $50,000 and paid taxes of $10,000. Samantha Heart earned $60,000 and paid taxes of $12,000. If these taxes were paid to the same government agency, is the tax on income progressive, regressive, or ...What role does the buy-sell agreement occupy in a business succession plan? Barry McGuire wants to purchase a dry-cleaning establishment. Barry has heard of the SWOT analysis and wants to use this methodology to determine whether he should purchase the business. He found the following information: ...Larry Kraft plans to open six more restaurants during the next five years. He believes that he will then have 125 employees. a. What recommendations would you make for Larry at this time? b. Could Larry set up a ...
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