profit Sharing Requirements

[car3boogie]

What is the name of your state (only U.S. law)? Georgia

Is the Employer required to submit a profit loss statement for a Profit Sharing Plan?

Is the Employer Liable for misuse of company funds in order to lower the profits shown to lower the Profit sharing payout.

It is a Private Company.
Management says 3% of profits is to be distributed among employees.
Misuse- Gasoline for Personal use (Kids)- renovation of daughters Home. New Cabinets for owners home....This is a short list of items run through our accounting software

 

[CraigFL]

Is this a public or private company?

Define misuse.

 

[cbg]

What does the profit sharing agreement say?

 

[car3boogie]

It is a Private Company.
Management says 3% of profits is to be distributed among employees.
Misuse- Gasoline for Personal use (Kids)- renovation of daughters Home. New Cabinets for owners home....This is a short list of items run through our accounting software