If filing your small business taxes yourself becomes too complicated or confusing, it's advisable to consult with a professional the first time so you'll understand all of the steps and documentation needed. Step 1. Gather each tax form you need to fill out for the type of business you own.
Definition of profit sharing. : a system or process under which employees receive a part of the profits of an industrial or commercial enterprise.
You should always try to have a good profit sharing plan in place when you are trying to make a good offer to potential buyers. The company that I work for has a profit sharing plan that allows me to receive shares of their annual profit margin, which is a nice incentive for me to make more sales.