There Are Three Types of Profit-Sharing Plans Discussed in the Text

question 8

Essay

There are three types of profit-sharing plans discussed in the text. Identify and briefly explain each of them.

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Definitions:

Alternative Dispute Resolution

A range of processes and techniques for resolving disputes outside the traditional judicial process, including mediation and arbitration.

Paralegal

A person trained in legal matters who assists lawyers in their work but is not a qualified attorney.

Mediator

A neutral third party who assists disputing parties in resolving conflicts through communication and negotiation techniques, without providing legal judgment.

Collaborative Law

A legal process enabling couples who have decided to separate or end their marriage to work with their lawyers and, on occasion, other family professionals to avoid the uncertain outcome of court and to achieve a settlement that best meets the specific needs of both parties and their children without the underlying threat of litigation.