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Ortoli | Rosenstadt: What Exactly Is a Seller Responsible for When Selling Its Staffing Firm?
Buyers of a business generally expect sellers to be responsible for certain liabilities relating to when the seller owned its business—a concept mergers and acquisitions professionals refer to as indemnification. Indemnification is one of the most heavily negotiated, and potentially most significant, provisions of a purchase agreement, and understanding the terminology common to such agreements is essential when negotiating a deal. Attorney Paul Pincus of Ortoli Rosenstadt LLP explains what sellers are liable for, how a seller’s liability may be limited, and how buyers may seek to fund potential indemnity claims.
Congress Passes Cliff Deal
Wall Street Journal (01/02/13) Janet Hook
The House of Representatives late Tuesday passed and sent to President Obama legislation to avert big income tax increases on most Americans and prevent large cuts in spending on government programs. The measure, brought to the House floor less than 24 hours after its passage in the Senate, was approved 257 to 167, with 85 Republicans joining 172 Democrats in voting to allow income taxes to rise for the first time in two decades, in this case for the highest-earning Americans. Voting no were 151 Republicans and 16 Democrats. The bill was expected to be signed quickly by the president. The legislation allows taxes to go up on household income over $400,000 for individuals and $450,000 for couples, marking the first time in more than two decades that a broad tax increase has been approved with Republican support.
The compromise dodges one cliff, but it sends Congress heading toward another. In two months, the delayed $110 billion in spending cuts will again kick in. At the same time, the U.S. will face the need to increase its borrowing limit, a change that can only be made by Congress. That sets up another potential fight, one with possibly more damaging consequences. Republicans want to use the debt ceiling to extract spending cuts, but the president has said he will not negotiate on that issue. The two-percentage-point payroll-tax break that existed for 2011 and 2012 expired on Dec. 31 and was not revived by lawmakers.
Randstad Technologies and Technisource Join Forces to Deliver Comprehensive Portfolio of Technology Talent and Solutions
PR Newswire (01/02/13)
Randstad announced today that its flagship technology services firm, Randstad Technologies, will join together with Technisource, a provider of technology talent and services, to create one comprehensive total information technology resource. The combined companies will operate under the Randstad Technologies name.
New Contract Inked for Hiring of Rhode Island Government Temporary Workers
Providence Journal (Rhode Island) (01/01/13) Katherine Gregg
The administration of Rhode Island Gov. Lincoln Chafee has signed a new multimillion-dollar contract with Adil Business Systems for the hiring of hundreds of contract employees. Adil Business Systems has had a temporary staffing contract with state government in Rhode Island since 2007. The estimated cost of the new contract is $9.1 million a year, a potential $27.3 million over three years. Based in New York City, Adil currently has 284 contract workers in Rhode Island state government, including dentists and dieticians at the state prison and licensed practical nurses at the state hospital.
2013 Delivers More Free Webinars for ASA Members
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Start the Year Out Right—Join ASA Today
Now is the time to join ASA—activate your 2013 membership today and receive immediate access to health care reform guidance and information, free unparalleled education and professional development programs, best practices, and much more.
Join online or contact ASA at membership@americanstaffing.net or 703-253-2020.
Employers: Beware EEOC Demands for Lots of Information
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How Does Repetitive Stress Fit Into Workers’ Compensation in New Jersey?
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December Staffing Up 0.7% From a Year Ago
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