Do I Need a Labor Law Poster?
By Alisha Bennett
Labor Law Posters are intended to notify employees of their rights in the workplace. Each State has its own requirements in addition to Federal requirements. Postings include information about wages, OSHA laws, etc.
If you’re setting up an IRA LLC structure, once the LLC is filed and approved with the Secretary of State’s office, you may receive mailings about these types of posters. The mailings can often seem threatening, highlighting the penalties you’ll face if you don’t order and post one of their posters.
However, there’s no need for you to purchase a Labor Law Poster from one of these companies. With the Check Book IRA structure, you are a Manager of the LLC, not an employee. In fact, the LLC has no employees, as it is really a holding company for your IRA funds and assets. This is a very important distinction. Labor Law Posters are not required if a company has no employees.
Working on fear and penalties, these types of companies are technically legal, but essentially a scam. They charge high fees, but posters are available for free from the State & Federal Labor Departments.
Mailings regarding the Certificate of Status/Good Standing are also common.
In summary, don’t fall for the Labor Law Poster scam. Posters aren’t required if you have no employees. With Check Book IRA LLC structure, you are a Manager, not an employee.