A pension plan allowing self-employed business owners to make contributions toward their own retirement plans and to their employees retirement plans. Contributions are made directly to an individual retirement account set up for each employee (a SEP-IRA) and there the contributions accumulate tax-deferred until withdrawn.
Alike in all relevant ways for purposes of a particular decision or issue. This term is often used in discrimination cases, in which the plaintiff may seek to show that he or she was treated differently from others who are similarly situated except for the alleged basis of discrimination. For example, a plaintiff who claims that she was not promoted because she is a woman would seek to show that similarly situated men -- that is, men with similar qualifications, experience, and tenure with the company -- were promoted. This term is also used to define the group of people on whose behalf a class action may be brought: Everyone in the group must be similarly situated as to the issue(s) litigated. For example, in a case alleging that a credit card company charged improper fees, only people who had a credit card with that company during the time when the improper fees were imposed could be members of the class.
A small business activity carried on in addition to an individuals full-time employment or principal trade or business.
Time off work due to illness or injury.
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Short sales usually occur when the homeowner is facing foreclosure. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what is owed. (See also: deed in lieu of foreclosure)
A place of employment designed and managed to accommodate the needs of people with disabilities.
After a divorce or separation between parents, the sharing of parenting responsibilities for children born to the parents. (See also: joint custody)
Money paid to an employee who is laid off, fired or leaves by mutual agreement. Employers are not generally required to offer severance pay, although a few states require some severance pay for employees who lose their job in a plant closing or large layoff. Employers may also be obligated to provide severance pay if they promised to do so in an employment contract or employee handbook.
1) Separation of legal claims by court order to allow the claims to be tried separately. For example, a judge might sever the trials of two defendants accused of the same crime. 2) Money paid or benefits provided to an employee who is fired, laid off, or agrees to leave. (See also: severance pay)