Colorado recently passed into law a bill protecting small business owners and professional employer organizations; previously, many PEOs were unregulated, according to MarketWatch. Small businesses can outsource human resources, benefits, payroll and workers’ compensation management to PEOs. The bill, SB 114 or the 2008 Professional Employer Organizations Modernization Act, modernizes statutes from 1997.
“PEOs provide a cost effective option for small business owners and their workforce who would not otherwise have access to benefits such as health insurance and retirement savings plans,” said Colorado State Rep. Christine Scanlan. “This legislation protects small owners and allows them the time to concentrate on what they do best: build their business.”