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.
1. a sharing of profits or losses creates a presumption (legal inference) of a partnership; unless profits were received as payment of any of the following: a. debt by installments or interest on a loan. b. wages of an employee or for the services of an independent contractor.