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Simple English definitions for legal terms

qualified profit-sharing plan

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A quick definition of qualified profit-sharing plan:

A qualified profit-sharing plan is a type of employee benefit plan that allows employees to share in the profits of their company. The plan is governed by ERISA and provides for discretionary employer contributions, which are allocated to participants based on a predetermined formula. Contributions are often based on each participant's compensation. In a qualified profit-sharing plan, the employer's contributions are not taxed until distribution, and the employer is allowed to deduct the contributions.

A more thorough explanation:

A qualified profit-sharing plan is an employee benefit plan that allows employees to share in the profits of a company. The plan is governed by the Employee Retirement Income Security Act (ERISA) and provides for discretionary employer contributions. Contributions are allocated to the plan among the participants based on a definite predetermination formula, often in proportion to each participant's compensation.

One example of a qualified profit-sharing plan is when a company sets aside a portion of its profits to be distributed among its employees. The amount each employee receives is determined by the formula set forth in the plan. Another example is when an employer contributes a percentage of each employee's salary to the plan, which is then distributed among the participants based on the predetermined formula.

These examples illustrate how a qualified profit-sharing plan allows employees to share in the success of the company and provides a tax advantage to both the employer and employee.

qualified privilege | qualified property

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Holy crap
UMich WL wave???
TurboSplitter
16:14
Yeah, check your portals
TurboSplitter
16:14
haven't gotten the email yet but it's on the status checker
O-O I'M SCARED IT'S MY TOP SCHOOL
rosythecat
16:27
MICH WAITLISTS LIVE
rosythecat
16:27
t14 waitlist core at this point
DAMMIT
Idk if I should cry or be happy because I wasn't just flat out rejected
rosythecat
16:33
sighhh
sighhhhhhhh
rosythecat
16:33
at least i hear they have good-ish movement?
rosythecat
16:33
hoping for the best
same ^^ good luck to me and all those who were waitlisted from UMich today
HopefullyInLawSchool
16:48
I think Umich is having a WL wave
What makes you say that @Hopefully
HopefullyInLawSchool
17:01
idk a hunch
umich waitlist ppl
anyone wanna share stats
cuz i am trying to gauge if it is weird that i got waitlisted and i need to fix something in my apps
PleasantLoneBluejay
17:06
You can see in Michigan's page on this site the stats of everyone who was waitlisted
17:06
@DeadPreciousMonkey: Why not just go to their LSD page and sort by decision? Since there was a WL wave today, they'll be on top and you can peep stats from there :)
oh beautiful thanks guys
new to this site so figuring it out
rosythecat
17:08
j got the email w dean z
rosythecat
17:09
@DeadPreciousMonkey: got wl'd; 3.9x 17x
rosythecat
17:09
tough but we move on i guess. staying on as all my decisions so far have been WLs
ReminiscentZestyFish
17:17
Vandy?
WelfareIsACat
17:25
praying
RoaldDahl
17:28
vandy 2day?
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