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TexLaw
TexLaw, Lawyer
Category: Employment Law
Satisfied Customers: 4430
Experience:  Contracts, Wrongful termination and discrimination
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My current employer is having a going out of business sale

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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
Hi,

Thank you for your question.

What kind of business is it?

Do you have a copy of the profit sharing plan?
Customer: replied 3 years 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?

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.
TexLaw and 3 other Employment Law Specialists are ready to help you
Customer: replied 3 years ago.

Thank you for the information. I appreciate your time.

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