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Episode 85 - SPECIAL EDITION on Non-Compete Agreements - The Woodard Report Podcast
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On this show, Heather and Joe speak about the recent FTC ruling banning non-compete agreements and its implications for the accounting and broader business sectors. Here are the main points discussed:
Here are a few key points from their conversation:
- FTC's Ban on Non-Compete Agreements — As of April 24, 2024, the FTC has banned non-compete agreements, impacting many industries, including accounting. This rule affects businesses under FTC jurisdiction in the U.S., with certain exceptions like non-profits and businesses operating entirely overseas.
- Scope and Exceptions — The ban targets all types of workers, including employees, contractors, and sole proprietors. Some businesses tried to argue for exceptions, but none were granted specific relief. However, non-profits have different standards based on their operational nature.
- Broader Implications — Joe and Heather discussed the noncompete ruling factually and also share their views on how this ruling could affect business dynamics, particularly the balance of power between large and small businesses, and the mobility of workers within the accounting industry.
Important links:
- The safe harbor language mentioned by Joe at the 22 minute mark of the podcast can be found at this link.
- FTC press release
- FTC final rule
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