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Zachary
Zachary, Lawyer
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Experience:  Contracts, Wrongful termination and discrimination
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My current employer is having a going out of business sale

Resolved Question:

My current employer is having a going out of business sale and I am wondering if the profit sharing plan applies to his profit from the sale of his business
Submitted: 1 year ago.
Category: Employment Law
Expert:  Zachary replied 1 year ago.
Hi,

Thank you for your question.

What kind of business is it?

Do you have a copy of the profit sharing plan?
Customer: replied 1 year ago.

I work at a jewelry store that is family owned and set up as a corporation. My employer is having serious health issues and is having a going out of business sale soon. I do have a copy of the plan...somewhere...lol, but thought maybe there was a general rule. Is it considered a profit if you sell everything down to the bare walls and dissolve the corporation?

Expert:  Zachary replied 1 year ago.
The profit sharing plan in your situation is going to take into account the normal sell of stock. So, I would assume that unless otherwise stated in the plan that you should be able to get a share of the profits generated from the going out of business sell of the normal stock. Now, if there is a sell of corporate assets such as computers, cash registers, furniture, etc., this is not going to be included in a profit sharing plan.
Zachary, Lawyer
Category: Employment Law
Satisfied Customers: 3928
Experience: Contracts, Wrongful termination and discrimination
Zachary and 2 other Employment Law Specialists are ready to help you
Customer: replied 1 year ago.

Thank you for the information. I appreciate your time.

Expert:  Zachary replied 1 year ago.
Please let me know if you have further questions. Please also kindly consider rating my answer positively so that I am compensated by the website for my work on your question. Rating does not cause an additional charge and will not prevent us from further discussing your questions.

Best Regards,
ZDN

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