Hi [CEO Name],
Congratulations on [Company Name] being incorporated!
[Company Name] being incorporated has prompted me to start setting up Justworks. As a reminder, the process takes approximately 2-5 weeks, so there will be a delay in being paid.
If funding is delayed or if the payroll start date is delayed, High Alpha Innovation will be able to float 30 days of payroll. [Company Name] would reimburse the cost + prime interest rate. We can address this once we have a payroll start date in relation to the funding deadline to determine if it’s needed as a back-up plan.
To give you a better idea of the work I’ll be doing over the next month, here’s a timeline of the process:
Nathan, CC’ed, will be setting up your bank account and will need specific information from you so please keep an eye out for messages from him.
[If they need benefits on Justworks]
As for benefits, I will reach out to you and [Co-Founder] today to gather the Name, Sex, DOB, and Zip Code of yourself and your dependents. I will submit to Justworks and receive a benefits quote in 3-5 business days. Reminder that benefits can only start after the system start date! For example, if the system start date is September 1, then the earliest benefits can start is October 1.
Once I receive the benefits quote, I will set up a call to discuss your options and what we recommend for our portfolio companies! For your reference, here is what a typical timeline looks like for employer plan selection and open enrollment.
Employer Plan Selections: Due September 9
Open Enrollment: September 12-16
Effective Date of Plans: October 1
I'll update you along every step of the way, but please reach out if you have any questions and refer to our HR/Talent Founder Toolkit for additional resources.