Final answer:
False. In a proprietary colony, the Proprietors have responsibilities beyond just collecting the profits. Profit sharing plans in the private sector are voluntary programs that provide employees with a share of the company's profits as an incentive for their hard work.
Step-by-step explanation:
In a proprietary colony, the Proprietors have responsibilities beyond just collecting the profits. They are responsible for governing the colony, establishing laws and regulations, and providing for the welfare and defense of the colony. Profit sharing plans in the private sector are voluntary programs implemented by companies to provide employees with a share of the company's profits. This serves as an incentive for employees to work harder and contribute to the success of the company.
For example, some companies may offer profit sharing plans where a percentage of the company's profits are distributed among employees at the end of the year based on their performance or length of service. This encourages employees to take ownership of their work and be more invested in the success of the company.