Profit Sharing

Profit sharing is a plan that allows employees a share in the profits of the company. Based on the company’s earnings, as well as the terms of the plan as implemented by the company, an employee can receive a percentage of profits. This is a great way to allow employees a sense of community and ownership in a company, and can promote good morale and pride in their work. Each company can custom-create a profit sharing plan to suit their needs and should consult their attorney, CPA in the development of the plan.

Patrick Financial Group, L.L.C., with the help of your attorney, CPA and human resources director, can be an integral partner in making an informed decision about the creation and implementation of a successful profit sharing plan

Questions or To make An Appointment:

Profit Sharing Benefits:
  • Employee retirement plans contributions are tax free
  • Employer plan contributions are tax deductible
  • Helps to retain staff as they don’t want to lose the employer contributions
  • Employees feel like part of the company’s success
  • Employees common goals are to profit
  • Earnings can grow tax deferred until withdrawn
  • Loan and hardship withdrawals are allowed