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Sales Employment Checklist
| COMPENSATION | |
| Salary (usually given to company-employed salespeople) | |
| What is the amount and when is it payable? | |
| Draw (usually given to independent sales reps) | |
| Is it applied against commission? | |
| What is the amount and when is it payable? | |
| The draw can be stopped by the company any time without prior notice when commission earnings do not exceed draw. | |
| The sales rep is personally liable for repayment when draw exceeds commission earnings or when the rep is fired from his job. | |
| The company has the right to set off draw and reduce the amount of commission owed upon termination of the employment relationship. | |
| Bonus (usually given to company-employed salespeople) | |
| Is the bonus gratuitous or enforceable by contract? | |
| What is the amount and when is it payable? | |
| Specify that prorated bonuses will not be given in the event the salesperson resigns or is fired prior to the date when the bonus will be paid. Avoid basing the bonus on a determination of profits because this may give the salesperson the right to inspect your company's books and records. | |
| COMMISSION | |
| Specify the commission rate and when it is payable. | |
| Avoid guaranteed shipping arrangements. | |
| Specify split commission policies if applicable. | |
| Specify all deductions from commission, how and when they are computed? e.g., returns, freight charges, unauthorized price concessions given by the salesperson, billing and advertising discounts, collection charges, failure of the customer to pay. | |
| Specify commission for large orders, special customers, off-price goods, and reorders. | |
| Expenses (usually for company-employed salespeople) | |
| Specify the kind and amount of expenses that are reimbursable. | |
| Specify the kind of documentation the salesperson must supply in order to receive reimbursement. | |
FAQs
- What does it mean that corporations have "perpetual existence"?
- Can shareholders of all corporations, large or small, transfer their shares?
- How are corporations taxed?
- What type of business organization is appropriate for my business?
- What are the disadvantages of partnerships?
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