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and providing compensation. RHB paid the fiduciaries a salary
and withheld taxes including Social Security. RHB provided the
fiduciaries with general business liability insurance, workmen’s
compensation, unemployment insurance, group life and disability
insurance, family health insurance, and subscriptions to
professional publications. RHB also provided office space,
copiers, computer systems, and administrative support services.
RHB paid petitioner’s expenses to become a chartered financial
analyst and reimbursed petitioner for any work-related travel
expenses. RHB also provided petitioner with a company credit
card.
RHB expected petitioner and other fiduciaries to keep
regular hours and to work every business day. RHB also expected
petitioner and other fiduciaries to keep all fiduciaries apprised
of what they were doing. All correspondence with clients was
circulated among the fiduciaries.
Before petitioner became a shareholder and director of RHB,
Neil Rice (Mr. Rice), RHB’s president, and Edward Heard (Mr.
Heard) served as petitioner’s supervisors and mentors. All
supervised employees, including petitioner, were reviewed
annually by RHB. The reviews were used by RHB to determine any
salary increases and bonuses.
Upon his becoming a shareholder and director, petitioner and
RHB executed an “employment agreement” on December 11, 1986. The
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Last modified: May 25, 2011