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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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PleasantLoneBluejay
17:39
Sounds like you have a spare Cornell A that you do not want!
17:39
Fr?
PleasantLoneBluejay
17:39
I will gladly borrow it ;)
17:39
Yeah fr
17:39
Tbh I’m leaning Cornell cuz of scholly tho…
17:42
U don’t think we’ll get Berk scholarships?
17:42
Why not negotiate
17:42
When are people getting Berk scholarship info? This month right?
@Deadpreciousmonkey could also be yield protection?
17:43
February yeah
17:44
@sadpadresfan: I like your list of updates
17:44
🔥
17:44
Yeah speaking of the update list, u need to add mich
17:44
UMich WL 🔥
17:44
Lol
17:45
Harvard R 🔥
17:45
🔥 🔥 🔥 LFGGGG
RoaldDahl
17:45
columbia R 🔥🔥🔥
wait did georgetown release decisions today??
and @homelesscuteimpala i am loving this idea and choosing to believe it
lmaooo I put it in the wrong chat
all good, getting the reassuring message twice made me feel better : )
HAHA
18:28
Anyone have any feedback on 7sage for lsat studying? want to compare options befroe spending any money
J-Reuben-Clark-Law
18:45
7Sage son or LSAT Demon daughter. You pick which is more fucked up.
i loved 7sage personally
but some of the core curriculum felt unnecessary to me
J-Reuben-Clark-Law
18:48
I personally loved LSAT Demon but I did not get a 180. I find a lot of people with higher scores 175+ advocate 7Sage while the 165-175 range is LSAT Demon. However I have seen several 175+ people come out of LSAT Demon. I like LSAT Demon because I used them and listen to their YouTube videos and they have a simple website but everyone should also consider 7Sage.
J-Reuben-Clark-Law
18:49
Fuck just got an A from a school I withdrew from. Lmfao. I feel bad for em.
LSAT Demon is more comprehensive I would say. And the interface is a lot easier for people who don't really have that much time. It's also more fun I think haha. Feels more like a game
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