How are the owners classified in the audit?
Owners, officers, partners, and members can elect or non-elect coverage under your Workers’ Compensation policy. The rules vary by state and your agent will be able to provide specific guidelines in your state. You cannot non-elect coverage under your Liability policy. If you’re covered under the policy, your wages will be included at either a fixed amount or actual amount (subject to a minimum and maximum), depending on your entity type and policy. Owners will be classified according to their actual duties. You will be asked to provide a description of each officer’s duties.
Related Questions
- When are project owners expected to begin submitting their required annual financial statement and audit information electronically to REAC?
- Can project owners with more than one HUD project makes one submission of consolidated financial statement and audit information?
- How are the owners classified in the audit?
