To listen to these clips, you will need to install the latest version of RealAudio's RealPlayer. My wife and I are sole shareholders of a corporation which exists solely to hold title to a mobile home. Definition of some Employment Termination Terms. Your question was quite long, and we tried to make it a bit more succinct. There are a number of critical caveats even before getting started.
Employment law is a complex matter and the laws differ significantly from state to state.
If union or other contractual arrangements are involved, the situation becomes even more complex. If the firm has an employment manual or other formal or even sometime informal arrangements, these may all have an impact on making determinations. For many closely held businesses, shareholder and other agreements also have provisions which affect employment, either directly or indirectly through stock ownership control and buyout provisions which can affect employment. All this needs to be considered and generally should be addressed by an attorney specializing, at a minimum, in business law matters, if not primarily concentrating on employment issues. Many employment agreements address the issue of termination.