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Layoffs versus Firing
One of my partners decided to move out of state. Rather than replace him, we're just going to run a smaller practice. Because of this reduction, we are going to lay off a full-time employee. I'm very familiar with firing an employee, but want to know how laying off an employee differs from firing.
Question: One of my partners decided to move out of state. Rather than replace him, we're just going to run a smaller practice. Because of this reduction, we are going to lay off a full-time employee. I'm very familiar with firing an employee, but want to know how laying off an employee differs from firing.
Answer: Conducting a layoff is very similar to a termination. However, if the layoff is due to "lack of work," the employee is eligible for unemployment insurance and benefits continuation as a terminated employee. Be sure to provide the employee a letter explaining the reason for the separation - "lack of work" - and the details of the severance package (if any).
Asset Protection and Financial Planning
December 6th 2021Asset protection attorney and regular Physicians Practice contributor Ike Devji and Anthony Williams, an investment advisor representative and the founder and president of Mosaic Financial Associates, discuss the impact of COVID-19 on high-earner assets and financial planning, impending tax changes, common asset protection and wealth preservation mistakes high earners make, and more.
