Will I lose control of my business?
No, not at all. You as the business owner, retain ownership of the company and control over its operations. As co-employers, Prosperity PEO and client will contractually share or allocate employer responsibilities and liabilities per our client service agreement (CSA). Prosperity PEO will assume many of the responsibilities associated with a "general" employer for purposes of administration of benefits and remittance of payroll and payroll taxes. Business owners continue to have responsibility for worksite safety and compliance. As Prosperity PEO will be responsible for remittance of payroll and employment taxes, and as Prosperity PEO also assumes responsibility for providing workers' compensation coverage for enrolled employees, we may also provide assistance with safety and compliance. In general terms, the PEO will focus on employment-related issues, and the client will be responsible for the actual business operations.
Why should I use Prosperity PEO?
We are a business founded on the principle of providing personal service and individualized solutions to small and mid-sized Florida businesses. As business owners need to focus their time and energy on the "business of THEIR business" and not on the "business of employment”, Prosperity PEO can help make that balance a reality. As businesses grow, most owners do not have the necessary payroll and accounting skills, the knowledge of regulatory compliance, or the backgrounds in risk management, insurance and employee benefit programs to meet the demands of being an employer. Prosperity PEO help assist with, and often help provide access to, many benefits and employment amenities which some businesses would not have otherwise.
Is Prosperity PEO Licensed?
Yes. Prosperity PEO is licensed and regulated by the Florida Department of Business and Professional Regulation.
How does an arrangement with Prosperity PEO work?
Once a business enters into an agreement and begins using Prosperity PEO services, they should immediately feel a lessening of the burden of employer related responsibilities, and realize the benefit of time back in their day to focus on growing the revenues of their business. The business and Prosperity technically co-employ the work site employees. In the arrangement among Prosperity, a worksite employee, and a client company, a co-employment relationship exists in which both Prosperity PEO and the client company have an employment relationship with the worker. Prosperity PEO and the client company share and allocate responsibilities and liabilities. Prosperity PEO assumes much of the responsibility and liability for the business of employment, such as covering enrolled employees with workers’ compensation, risk management, payroll and employee tax compliance. You retain responsibility for and manage product development and production, business operations, marketing, sales, and service. Prosperity PEO and the client share certain responsibilities for employment law compliance.
Who Uses Prosperity PEO?
Nearly any business, with employees, can find value in a relationship with Prosperity PEO. An average Prosperity client is a business with 10 work site employees, with some as small as 2 employees and as large as 100. Businesses small and large, all find value in an arrangement with us.
Prosperity clients include many different types of businesses ranging from construction trades to accounting firms to high-tech companies and small manufacturers. Many different types of professionals, including doctors, retailers, mechanics and engineers, also benefit from Prosperity’s services.
What is a PEO?
A PEO is a Professional Employer Organization that provides comprehensive HR solutions for small, medium and large-size businesses, helping businesses to concentrate on their own businesses by assuming many of the headaches of Workers’ Compensation, Payroll Adminstration, Benefit Administration, Human Resources, and governmental regulatory compliance. National statistics* show that small businesses that work with a PEO grow 7 to 9 percent faster, have employee turnover that is 10 to 14 percent lower, and are 50 percent less likely to go out of business. The return on investment of using a PEO, in costs savings alone, is 27.3 percent.
*Source NAPEO