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Simple English definitions for legal terms

profit-sharing plan

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A quick definition of profit-sharing plan:

A profit-sharing plan is a type of employee benefit plan that allows employees to receive a portion of the company's profits. This means that if the company does well financially, the employees will also benefit. The plan is regulated by a law called ERISA, which ensures that the plan is administered fairly and that contributions are allocated to employees based on a predetermined formula. Contributions are often based on the employee's salary.

A more thorough explanation:

A profit-sharing plan is a type of employee benefit plan that allows employees to share in the profits of the company they work for. This means that if the company does well financially, the employees may receive a portion of the profits as a bonus or additional compensation.

These plans are governed by the Employee Retirement Income Security Act (ERISA) and typically involve discretionary contributions from the employer. The contributions are then allocated to the plan participants based on a predetermined formula, often proportional to each participant's compensation.

For example, if a company has a profit-sharing plan and earns a profit of $1 million, they may decide to allocate 10% of that profit to the plan. If there are 100 employees participating in the plan, each employee would receive $10,000.

Profit-sharing plans are a way for companies to incentivize their employees to work hard and contribute to the company's success. They can also help attract and retain talented employees who value the opportunity to share in the company's profits.

profit insurance | pro forma amendment

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TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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