Not to speak for Patrick, but a layoff is a specific kind of exit; as an example: in a factory, workers will be laid off for a month when orders are low, then called in again when volume picks up.<p>It&#x27;s probably the case that if one is contemplating shutting the company down, an hour with a HR-oriented lawyer would be worth it to avoid saying the wrong thing (and thus ending up in court).<p>You can find a definition here: <a href="http:&#x2F;&#x2F;definitions.uslegal.com&#x2F;l&#x2F;layoff&#x2F;" rel="nofollow">http:&#x2F;&#x2F;definitions.uslegal.com&#x2F;l&#x2F;layoff&#x2F;</a>