S1, Episode 13: Employment Law and Compensation

Season One, Episode Thirteen– An overview of employment law and compensation, including the hiring process, wage requirements, employee classification, and establishing a formal employee relationship.

Episode Description: Fannie Law (Fordham Law ‘19) and Zachary Sherman (Fordham Law ‘19) join to discuss employment law and compensation and the various challenges entrepreneurs face while building up their company to become successful players in the industry, starting with the hiring of new employees.

Episode Roadmap:

  • [:30]  Fannie Law and Zachary Sherman introduce themselves as Fordham Law students under the direction of Professor Bernice Grant.
  • [1:00] An overview of the hiring process and legal issues employers may face.
  • [4:00] Considerations regarding employee compensation, including payroll issues, pay schedules, and minimum wage requirements.
  • [7:00] Comparing exempt and non-exempt employees.
  • [9:25] Can startup founders work for free? A look at the business owner exemption.
  • [11:31] The key characteristics that classify workers as employees versus independent contractors.
  • [16:22] The key characteristics required to classify workers as interns.
  • [17:51] Details regarding employment relationships for at-will employees.
  • [19:35] How a business owner establishes a formal relationship with an employee.

Tweetables:

“A common misconception is that a salaried employee does not receive overtime pay and is classified as exempt; however, paying an employee on a salary basis is not enough to qualify for an exemption.” -Fannie Law
“The FLSA provides individual coverage for employees who are engaged in interstate commerce and enterprise coverage for certain businesses depending on the nature of their work.” -Fannie Law
“The Department of Labor looks at various things to determine if one is in fact a volunteer or an unpaid employee in disguise.” -Zachary Sherman

Additional Resources:

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Disclaimer: The information contained in the Startup LAWnchpad Podcast and any materials associated therewith (the “Podcast”), is for educational and informational purposes only. The Podcast does not constitute legal advice or tax advice with respect to any particular circumstance. The Podcast is not a complete overview or analysis of the topics presented, and may contain information that varies in different jurisdictions and that is subject to revision, interpretation, or nullification after the date of recording. The transmission of information to you does not create a lawyer-client relationship between you and any host, guest, or their respective employer, including but not limited to Fordham University School of Law and Lincoln Square Legal Services, Inc. None of these parties shall be liable for any loss that may arise from any reliance on the Podcast. You should not rely upon the Podcast or treat it as a substitute for legal advice. You should consult a lawyer familiar with your particular circumstances and licensed in your jurisdiction for legal advice.

Startup LAWnchpad is a new podcast that helps bridge the gap between entrepreneurs and their legal needs.  This podcast is a series of virtual legal workshops that will educate entrepreneurs about legal issues they commonly face as they develop, launch and grow their business.

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