Hire and pay employees in Senegal quickly and compliantly

Complying with labor and employment laws in Senegal

Senegal's labor and employment laws can be a complex compliance maze.

Employment relations in Senegal revolve around Law 97-17 of 1 Dec 1997 (the Labour Code), its implementing decrees, and dozens of sectoral collective agreements. The Labour Code borrows heavily from French civil law concepts, yet has its own flavor—like an article that says employers must provide “essential foodstuffs” when their workers cannot, by their own means, obtain a regular supply for their families.

Navigating this mosaic has its challenges, so many foreign companies lean on local counsel or an EOR to stay current with rules issued by the Ministry of Labour (Ministère du Travail, du Dialogue social et des Relations avec les institutions).

Employment contracts in Senegal

An employment contract is a legally binding agreement between an employer and an employee that outlines the terms and conditions of the employment relationship. In Senegal, the Labour Code requires a written contract in French (or a recognized national language) for any employment that exceeds three months or is performed outside the employee’s habitual residence. Certain essential clauses are required to be included in the contract, including:

• Identities and addresses of both parties
• Job title and duties
• Place of work
• Remuneration—base salary plus in-kind benefits such as a daily meal allowance if provided
• Working hours
• Applicable collective agreement
• Probation period, including length and conditions
• Termination terms
• Notice periods

Contracts can be fixed-term (Contrat à Durée Déterminée or CDD) or indefinite (Contrat à Durée Indéterminée or CDI). Fixed-term contracts must be justified by the nature of the task, can last for a maximum term of 24 months, and can be renewed once. If employment continues after this, the contract becomes indefinite.

Labor unions in Senegal

Senegal has a long tradition of organized labor dating back to the 1946 Dakar-Niger railway strikes. Today, two umbrella confederations dominate the landscape:

• CNTS, or the Confédération Nationale des Travailleurs du Sénégal
• UNSAS, or the Union Nationale des Syndicats Autonomes du Sénégal

Under Articles 169–177 of the Labour Code, unions have the right to bargain collectively and call strikes after compulsory conciliation. Public-service strikes—for example, at the Dakar Bus Rapid Transit—require at least 10 days of notice and guarantees of minimum service to avoid major disruptions.

In export-processing zones like Dakar’s Zone Franche Industrielle, unions are present, and negotiation culture is cooperative rather than confrontational. And even in white-collar sectors like fintech and IT, employees may affiliate with UNSAS for social-protection issues. Having early dialogue with employees can help promote transparency in the workplace and prevent surprises.

Mitigating permanent establishment risk in Senegal

A permanent establishment (PE) is a key concept in international tax law used to determine when a company has a sufficient, ongoing presence in another country to be taxed there. In essence, it refers to a fixed location through which a business carries out its operations. If a company is considered to have a PE in a foreign jurisdiction, it may be required to pay corporate taxes on the income generated from activities conducted in that location.

The definition of permanent establishment can vary depending on tax treaties and local laws, but it typically includes a place of management, a branch, an office, a factory, a workshop, or any other fixed place where business activities are carried out. Some activities, like preparatory or auxiliary functions, may not constitute a permanent establishment under certain tax treaties.

Under Senegalese tax law, a company is considered a Senegalese resident if it has a registered fixed establishment in the country. But companies that aren’t locally registered may still be found to have PE depending on their local activities. PE criteria in Senegal mostly follow the OECD model, which includes:

• Places of management
• Branches
• Offices
• Factories
• Workshops
• Mines
• Oil or gas wells
• Any other place of extraction of natural resources
• Construction sites or projects that last longer than six months
• Agents acting on behalf of a non-resident who have the authority to enter into contracts or hold stock of products distributed in the Senegalese market in the name of a foreign entrepreneur

Probationary period in Senegal

A probationary period is used to assess and monitor the performance of new employees. Employers should state the length of the employee’s probation period in the employment contract. The Senegalese Labour Code allows a probation period up to a maximum of six months, including any renewals. Any extension must be in writing and agreed before the initial period lapses—otherwise, the hire is deemed confirmed.

Standard probation periods depend on the type of role:

• For general employees, supervisors, technicians, and similar roles: One month, renewable once
• For managers and executives: Three months, renewable once
• For hourly paid workers: Eight days, renewable once

During probation, either party may terminate with 48 hours’ notice (for blue collar roles) or eight days’ notice (for white collar roles) without severance pay.

Local laws in Senegal

Beyond the Labour Code, there are some unique aspects of labor and employment law in Senegal that might catch newcomers off guard. Here’s what employers should know:

• Employees are entitled to data protection safeguards. Law 2008-12 created CDP, Africa’s first independent data-privacy watchdog. Employee files—like CVs and medical data—must be declared to CDP before processing.
• Employees are entitled to equal pay for equal work. Article 105 of the Labour Code and §25 of the 2001 Constitution guarantee “equal remuneration for work of equal value.”
• Non-competes are enforceable. Non-compete clauses are recognized and enforceable, both as part of the employment contract and up to a year following termination, with few restrictions.

Worker classification and misclassification in Senegal: Contractors vs. employees

Like most of Francophone West Africa, Senegal draws a sharp legal line between salaried employees covered by the Labour Code and independent contractors (prestataires indépendants) engaged under civil or commercial law. Articles L.31–L.37 of the Labour Code spell out that an employment contract exists when the worker:

• Performs tasks personally
• For remuneration
• Under an employer’s authority or control

By contrast, contractors set their own hours, can subcontract work, and bear the entrepreneurial risk—features the courts will look for if classification disputes arise.

When hiring new talent in Senegal, you need to decide which type of working arrangement—independent contractor or full-time employee—is better suited for your business needs. Both come with their own set of implications, so it’s important to understand the differences. If you misclassify workers in Senegal, you could face penalties, back taxes, and serious legal action.

Worker classification in Senegal: Key differences between contractors and employees

Consequences of misclassification in Senegal

Because social security levies for the CNSS and IPRES can run as high as 23% of payroll, misclassifying talent is tempting for many employers, but extremely risky. Some of the potential consequences of misclassification in Senegal include:

• Back-dated contributions and interest: The Social Security Fund may assess the employer share (around 16%) plus late payment interest that can go back as far as five years.
• Labour Inspectorate fines: Intentional evasion can trigger administrative fines reaching hundreds of thousands of West African CFA francs per employee.
• Civil claims for employee benefits: Misclassified workers may sue for paid leave, severance, overtime, and other benefits they should have earned.

Wages and payroll in Senegal

When expanding into (or hiring in) a new, foreign jurisdiction, managing wages and payroll is one of the most complex parts of the process. Running payroll in Senegal means juggling state-mandated minimum wages, sectoral bonuses, and two layers of social security deductions. While payments are commonly made in West African CFA francs (XOF), many multinational companies write offer letters in euros for Dakar-based roles in fintech or offshore services at their employees’ requests. That’s just one quirk for international employers to know before wading into this new jurisdiction. Here’s what else to know about wages and payroll in Senegal to ensure compliance when paying your new employees.

Minimum wage in Senegal

Senegal doesn’t have a single national minimum wage; instead, the minimum wage varies by industry and worker category:

Sectoral collective agreements (for example, the convention for maritime fishing or for hotels and restaurants) may set higher rates depending on job classifications in their industries and locations. HR teams should double-check those before finalizing offers.

Payroll frequency in Senegal

The standard payroll cycle in Senegal is monthly. Article L.115 of the Labour Code says that, unless a specific industry regulation authorizes a different frequency, wages must be paid:

• At least every 15 days for employees paid by the hour or by the day
• At least once a month for employees paid monthly

The Labour Code also sets rules for when employers need to pay wages:

• No later than eight days after the end of the month for monthly wages
• Within four days of the end of the pay period for fortnightly pay
• Within two days of the end of the pay period for weekly pay
• Day laborers hired for very short jobs must be paid before they leave work each day

13th month pay in Senegal 

13th month pay is an additional payment given to employees, usually equivalent to one month’s salary. Employers commonly give this payment as a holiday or year-end bonus. In Senegal, there’s no blanket statutory 13th month salary. That said, it’s customary and many employers pay it based on sectoral agreements or company policies, often at the end of the year.

If you promise any discretionary bonus or 13th month pay, spell out eligibility requirements and proration rules in your employment agreements or internal regulations to avoid future disputes.

Run payroll compliantly in Senegal

Hiring and paying employees abroad can be tricky, especially when it comes to running payroll. Complying with payroll and wage laws in Senegal means paying at least the monthly minimum wage, which can depend on industry, location, job class, and other factors. As an employer, you’re also responsible for withholding the correct personal income tax and paying social contributions (which we’ll cover in the next section).

Working with an EOR means getting all the help you need to handle deductions, adhere to local wage laws, and make accurate, on-time payments. Rippling EOR makes hiring and paying employees across the globe quicker and easier than ever. With the right mix of local expertise and robust systems, paying staff in the “Gateway to West Africa” can be straightforward and predictable.

Employer and employee taxes in Senegal

From Dakar to Thiès and the emerging tech hub of Diamniadio, the Code Général des Impôts (CGI) and the Social Security Fund (Caisse de Sécurité Sociale, or CSS) govern how every franc of salary is taxed. Foreign employers, therefore, need a clear map of payroll withholding for the progressive Pay-As-You-Earn (PAYE) income tax, social security contributions paid to the CSS and IPRES for pensions, and a handful of other surcharges that often catch new entrants off guard. Below are the essentials to know about taxes in Senegal.

Employer taxes in Senegal

Here are the mandatory employer payroll taxes in Senegal:

Employee taxes in Senegal

The following contributions must be deducted from employees’ paychecks as a percentage of their income: 

Employees in Senegal also pay progressive income tax, meaning they pay higher tax rates the more they earn. Employers must withhold these income taxes from their employees’ paychecks and remit them on their behalf:

Penalties for not paying taxes in Senegal

Failing to file taxes on time (or filing the wrong amount) can result in serious penalties. In Senegal, there’s a 25% default surcharge for an ordinary late payment of tax (with no fraudulent intent). Failure to pay or withhold taxes that were collected on behalf of the Treasury (e.g., PAYE or employer social security levies) can be subject to a 50% fine, and repeat offenses, undeclared activities, or proven fraud can face penalties of up to 100% of the unpaid amount.

Additionally, employers can be charged interest for late payments—1% per month of delay, which applies in addition to the surcharges outlined above.

If, for example, a company withholds XOF 10 million in PAYE but forgets to remit it, the Direction générale des Impôts et des Domaines (DGID) can assess:

• The principal tax (XOF 10 million)
• A 50% surcharge (XOF 5 million) because it involves withheld taxes
• Interest at 1% per month from the original due date until payment

To avoid these steep penalties, many multinational employers either engage a local payroll provider that files and remits on their behalf or use an EOR that assumes the withholding and reporting obligations. The EOR can ensure all your local taxes are paid correctly and on time, allowing you to focus on growing your business in Senegal and beyond.

Employee benefits in Senegal

Offering competitive employee benefits in Senegal can help your company stand out. Understanding benefits requirements early on can also keep you from landing in hot water with Senegalese authorities down the line. Under the Labour Code, workers in Senegal enjoy a variety of statutory benefits financed by the contributions above. Savvy employers also layer on fringe perks like subsidized lunches and transportation stipends to stand out in a talent market where top talent can be picky.

Here’s an overview of the mandatory and optional benefits in Senegal.

Mandatory benefits in Senegal

Mandatory benefits are legally required, meaning employers have to offer them to their employees. Employers must provide them to all employees covered by the law as they’re non-negotiable. In addition to leave, mandatory benefits in Senegal include:

• Old age, disability, and survivors insurance: Employer contributions to social security cover these benefits, which apply to most workers in the country.
• Permanent disability coverage: Social insurance contributions also cover permanent disability, in which case workers receive their full retirement benefits.
• Work injury insurance: Employer contributions to the social insurance system provide mandatory coverage for workers who are unable to work due to work-related injury or illness.
• Family allowance: Employers are obligated to pay into social insurance for family allowances that qualifying employees can receive when they become parents to help offset the costs of raising children.
• Pensions: All Senegalese employees are entitled to pension benefits to help them afford the cost of living when they reach retirement age.
• Healthcare: Senegal has a national healthcare system funded by contributions from both employers and employees.

Optional benefits in Senegal

Investing in optional and fringe benefits improves your chances of attracting top talent, but choosing which ones to offer can feel overwhelming. Here are the most common additional benefits in Senegal:

• Private health insurance: Covers dependents and accesses private clinics
• Meal allowances: Usually XOF 600-1,000 per day and helps employees cover meals during the workday, especially in cities where eating out is more expensive
• Transportation stipends: Offsets costs for cars or other forms of transportation, like TER fare
• 13th month salary or performance-based bonuses: A December payment aligned with the customary holidays in Senegal, though not mandatory
• Professional development budgets or opportunities: Funding for French language courses or industry-specific skill-building

While none of these extras are mandated, they resonate in a collectivist culture where family obligations are paramount. Pairing statutory coverage with locally relevant perks signals respect for Senegalese values and helps your brand compete with the multinational organizations in hubs like Dakar.

Working hours, overtime, and leave in Senegal

Understanding standard working hours, overtime regulations, and Senegalese leave laws is crucial, as these requirements vary significantly from country to country. Senegal follows a Francophone civil law approach to working time regulation. The Labour Code lays out a 40-hour standard week for most sectors, plus detailed rules on overtime premiums, minimum daily and weekly rest, and generous paid leave entitlements. Understanding these guardrails is essential whether you’re running a fintech startup or supervising farm or factory work. Here’s what you need to know.

Standard working hours in Senegal

Under Article L.135 of the Labour Code, the standard workweek in Senegal is 40 hours per week in all establishments that are “industrial, commercial, artisanal, or agricultural,” unless a collective agreement or ministerial decree sets a different schedule.

For seasonal farm work, the Code permits an annual cap of 2,352 hours (which comes out to an average of 45 hours per week). This gives growers more flexibility during peaks (like harvest time).

Overtime laws in Senegal

Any work beyond 40 hours (or the sectoral equivalent) counts as overtime and triggers overtime pay rates, under Art. L.138 of the Labour Code. In the absence of a collective agreement, a ministerial decree sets the night-time, Sunday, and public overtime rates. The common practice, codified in the Interprofessional CBA, is:

• 15% higher wages for the first eight hours of overtime in a week
• 40% higher wages for any additional hours after that
• 60% higher wages on Sundays or holidays

Employees are capped at 500 overtime hours per year; if a business asks them to work more than that, they must first inform the Labour Inspectorate and staff delegates and get explicit authorization to exceed the cap.

Rest period and break laws in Senegal

Senegalese employees are entitled to rest to prevent overwork. This includes both daily and weekly rest requirements:

• Daily rest: The Labour Code doesn’t specify an explicit minimum daily rest requirement between shifts, but the structure of the workweek and cap on overtime ensure that Senegalese workers get breaks between workdays.
• Weekly rest: Employees in Senegal are entitled to at least 24 consecutive hours of rest per week. It’s typical for this to occur on Sundays, but other schedules are allowed under collective agreements or if the nature of the work requires it, as long as the 24-hour requirement is met.
• Breaks: During the workday, employees are entitled to breaks, though the duration and timing are typically left up to employers and employees to agree upon. Breaks are generally unpaid unless otherwise stated in an employment agreement or CBA. Under most CBAs, employees receive 30- to 60-minute meal breaks during normal shifts.

Leave laws in Senegal

In addition to the rules around working hours and overtime, the laws in Senegal require employers to give their employees several kinds of paid leave, from annual time off to maternity leave, sick leave, and more.

Here are the types of leave employees are entitled to receive in Senegal:

• Annual leave: Employees in Senegal are entitled to a minimum of 2.5 days of paid time off for each month of effective service, totaling 30 days per year for those working a full calendar year. Employers may offer additional vacation days as part of their policies or employment contracts, provided they meet or exceed the statutory minimum. Unused vacation days must be compensated at the time of termination. The payout is calculated based on the employee's current salary. Unused vacation days may roll over to the following year, but this is subject to agreement between the employer and the employee. Some employers may specify limits or conditions for carrying over unused leave in their policies.
• Sick leave: Employees who have completed at least six months of service for their current employer are entitled to five days of paid sick leave per year.
• Maternity leave: Female employees are entitled to 14 weeks of paid maternity leave. Maternity leave is paid at 100% of the employee’s usual salary or wage by the Senegalese social security program and government. Maternity leave can begin six weeks before the employee’s due date and lasts for eight weeks after they give birth.
• Paternity leave: Fathers who are covered by the Interprofessional Collective Agreement are entitled to one day of paid paternity leave for the birth of a child.
• Public holidays: Senegal observes 14 public holidays. These include:
• New Year’s Day
• Eid al-Fitr
• Independence Day
• Easter Monday
• Labour Day
• Ascension Day
• Tabaski
• Whit Monday
• Ashura
• Magal de Touba
• Assumption Day
• Prophet Muhammad’s Birthday
• All Saints’ Day
• Christmas Day

Work permits in Senegal

When hiring employees globally or expanding an international business to Senegal, it may be necessary to bring in talent from outside the country. It’s up to you, as the employer, to make sure your entire workforce is legally authorized to work in Senegal, which means ensuring all of your employees have the right work permits.

Foreign nationals are required to have the appropriate work authorization before beginning any employment in Senegal, which typically means obtaining both a work permit and a residence permit. The process is overseen by the Ministry of Interior and Public Security, and can take several months—so if you need an employee to begin by a certain date, you should start their application process well in advance. Below, learn what employers need to know about navigating immigration law in Senegal.

Who needs a work visa in Senegal?

In Senegal, foreign nationals without permanent residency must apply for a work visa and a residence visa. The residence visa allows them to legally reside in Senegal during their employment, while the work visa confirms their ability to legally work in the country.

How long does it take to get a work visa in Senegal?

Processing times for work visas in Senegal vary, depending on application volume, the applicant’s home country, and the completeness of the application upon submission. To limit potential delays or setbacks, be diligent during the application process and be sure to include all required documentation from both the employer and the applicant. Required documents include:

• A job offer, which can be shown by providing an employment contract
• Justification for the hire, which shows that no local candidate could fulfil the role
• A valid passport
• Recent passport-size photos
• A medical certificate issued in Senegal
• A police certificate from the applicant’s country of origin
• Proof of the applicant’s professional experience and qualifications for the role
• Proof of accommodations in Senegal
• A completed visa application form
• Proof of compliance with all local labor laws

Sometimes, the Ministry of Interior and Public Security will require additional information before making their final decision, which can further delay processing and issuance of an employee’s visa. Employers must be prepared for potential delays, which means starting the visa application process as early as possible is advisable when hiring foreign talent.

Types of work visas in Senegal

Depending on your global employment needs, you have a few options in Senegal. Many non-residents who visit Senegal for business do so on visa-exempt stays for up to 90 days.

Senegal doesn’t offer short-term work permits. Most foreign nationals staying longer than 90 days for employment purposes apply for a work and residence permit called a carte d’identité d’étranger or CIE. The work permit is typically valid for up to 24 months and can be renewed. The residence permit is initially issued for six months and is also available for renewal. Typically, it needs to be renewed before a longer-term residence permit can be issued, as this process is lengthy for foreigners.

Termination and redundancy in Senegal

When making your first hire in Senegal, termination policies might be far from your mind. But if you don’t know the basics about offboarding employees in Senegal, you could be setting yourself up for trouble when it’s time to part ways with an employee down the road.

Senegal’s Labour Code takes a protective civil law approach to terminations—employers must follow strict rules on notice, procedure, and severance, whether they’re making dismissals for misconduct or for economic reasons. Here’s what you need to know.

Does at-will employment exist in Senegal?

At-will employment is a legal doctrine common in the United States. It says that either the employer or the employee can terminate the employment relationship at any time, for any reason (or no reason), without prior notice, as long as the reason is not illegal (such as discrimination). In Senegal, at-will employment does not exist. Under Article L.65 of the Labour Code, an employer can only terminate for a cause réelle et sérieuse (real and serious cause), or under the economic redundancy rules outlined in Articles L.60–L.64. Employees may resign with notice, but the employer must have a lawful reason and respect due process.

Recognized grounds for termination under the Labour Code include:

• Serious misconduct (faute lourde) following a disciplinary hearing
• Economic redundancy due to restructuring, technological change, or falling orders. Collective redundancies require approval from the Labour Inspectorate.
• Incapacity certified by an occupational doctor
• Mutual agreement recorded in writing

Notice periods in Senegal

A notice period is the amount of time an employee or employer is required to give before ending an employment relationship. During this period, the employee continues to work while preparing for their departure, and the employer has time to find a replacement or manage the transition.

Senegal’s Labour Code lays out minimum statutory notice periods in Article L.66. The required length of notice depends on the job category:

Collective agreements can change the length of the notice period (and they often increase it by a week or so), but they can only add to the minimum, not shorten it. The notice period begins as soon as written notice is delivered, and payment in lieu of working through the entire notice period is allowed.

Severance pay in Senegal

Severance pay is compensation provided to an employee when they are laid off, terminated, or leave a company under certain conditions. In Senegal, severance pay is required under Article L.67 of the Labour Code, as long as the employee has worked for their employer for at least one year and wasn’t terminated for serious misconduct.

The amount of severance owed to the employee is based on the length of service and their average salary:

How to terminate employees compliantly in Senegal

Ending an employment contract in Senegal requires a valid reason under the Labour Code, proper notice that meets the statutory minimum and the employee’s CBA (if they have one), and severance pay, if the termination isn’t for serious misconduct. Mishandling any step can lead employees to the courts or the Labour Inspectorate. Here are the key steps in the process:

1. Identify lawful grounds and gather evidence
2. Notify the labour inspector of economic redundancies or mass layoffs
3. Send a registered dismissal letter stating the reason and notice period
4. Pay the employee’s notice period if they aren’t working for its duration
5. Pay the employee for any unused leave, severance, and other owed perks and unpaid wages

When managing a global team, keeping track of termination regulations can be a challenge. Employers have to contend with just-cause rules, varying notice and probation periods, and inconsistent severance laws across different jurisdictions. Instead, consider partnering with an EOR solution, which can take care of compliance on your company’s behalf, ensuring you stay on the right side of the law from onboarding to offboarding.

FAQs about hiring in Senegal

Can I hire employees in Senegal without my own legal entity?

Yes. You can partner with a Senegal‐based employer of record (EOR). The EOR becomes the legal employer and handles global HR, payroll, taxes, and compliance with the Labour Law, while you direct daily tasks and avoid the burden of establishing a local entity. However, EOR fees can add up if your workforce expands significantly.

An EOR like Rippling can help you quickly tap into Senegal's talent pool, grow your global workforce, and reduce both compliance risks and administrative workload.

How do I onboard employees in Senegal?

A comprehensive onboarding process allows you to build a foundation for a strong working relationship with your international team members. And onboarding begins well in advance of a new hire’s first day, so plan to get started on the administrative tasks like paperwork and background checks early on. You must provide new hires with a written French-language contract and submit it to the local Labour Inspectorate for approval, and prior to their first day, you also need to:

• Obtain a pre-employment medical certificate
• Register the employee with the Caisse de Sécurité sociale (CSS) and the pension fund IPRES
• Enroll the employee in workplace injury insurance and CFCE

What is the difference between an independent contractor and an employee in Senegal?

In Senegal, employees work under the authority and direction of the company, receive statutory benefits, and are covered by the Labour Code. Contractors sign a civil services agreement, invoice for payments, supply their own tools, and carry their own CSS/IPRES registration. If you set a worker’s hours, provide their laptop, or forbid them from taking on other clients, you may be at risk of misclassification penalties.

How much does it cost to hire an employee in Senegal?

Aside from employee salaries, you’ll need to factor in employment costs related to Senegal’s social insurance and other payroll taxes. Employers contribute 18.4%-31.5% of each employee’s gross salary for payroll contributions.

What are the requirements for work permits in Senegal?

Non-residents who want to live and work in Senegal are required to obtain the right authorization, which typically means both a work permit and a residence permit. Senegal doesn’t offer short-term work permits, but those visiting the country on a business visa can stay for up to 90 days.

What is always required when an employer terminates an employee in Senegal?

Senegal does not recognize at-will employment. You must have a serious and genuine cause, give written notice that meets the statutory minimum or the employees' collective agreement (whichever is longer), pay severance when required, and settle any unused benefits. Failure to follow termination procedures under the Labour Code can trigger reinstatement or damages.

How does a US company pay a foreign employee in Senegal?

There are generally three ways a US company can pay a foreign employee in Senegal:

1. Form a local entity and open a local bank account to run payroll according to Senegalese law (including all relevant withholdings).
2. Partner with an EOR that specializes in global employment and manages salary, insurance, and taxes on your behalf.
3. Use a global payroll service that can integrate payroll for multiple countries.

Disclaimer: Rippling and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any related activities or transactions.