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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.
Read the American Staffing Association’s Affordable Care Act Statement of Principles
Last week during a meeting in Washington, DC, the ASA board of directors approved a Statement of Principles regarding the Patient Protection and Affordable Care Act. The principles summarize the staffing industry’s position on Affordable Care Act compliance.
“The ASA Statement of Principles demonstrates the staffing industry’s firm commitment to compliance with the Patient Protection and Affordable Care Act and its ongoing commitment to the well-being of the individuals staffing firms employ every day,” says Richard Wahlquist, ASA president and chief executive officer. “Staffing firms will work closely with clients and human resource professionals to help them understand how the health care law applies to their use of staffing services. And staffing firms will work closely with their temporary and contract employees to ensure they understand their rights, opportunities, and obligations under the ACA.”
The Statement of Principles was drafted for staffing firms to share with clients when discussing the Affordable Care Act and explaining the additional costs associated with compliance.
You can download the ASA Statement of Principles from americanstaffing.net.
NY Fed Manufacturing Index Contracts in May to Lowest in Four Months
Reuters (05/15/13)
The Empire State manufacturing survey fell into negative territory in May for the first time since January, the New York Federal Reserve said today. The general conditions index fell to a negative 1.4 in May from positive 3.1 in April, compared to economists’ expectations for an increase to 4.0. It was the first reading below zero since January, which indicates contraction for the sector.
U.S. Wholesale Prices Fall Sharply in April
MarketWatch (05/15/13) Jeffry Bartash
U.S. wholesale prices declined sharply in April by a seasonally adjusted 0.7% to mark the biggest drop in more than three years, the U.S. Department of Labor reported today. Economists surveyed by MarketWatch had predicted a 0.7% decrease in April, following a 0.6% decline in March. Waning price pressures in April lowered the increase in wholesale costs over the past 12 months to 0.6% from 1.1%, the lowest level since last summer. The muted rate of inflation at both the producer and consumer levels gives the U.S. Federal Reserve more leeway to keep interest rates low though a strategy of buying huge amounts of mortgages and government debt.
Free ASAPro Webinar Tomorrow—Make Your Website Work for You
Don’t miss tomorrow’s ASAPro webinar, “Online Branding and Reputation Management—It’s More Important Than You Think,” from 3 to 4 p.m. Eastern time. Learn how to take ownership of your online reputation and position your firm in the best light from Brad Smith of Haley Marketing Group. He’ll help you assess whether your website differentiates your company from your competitors in an effective and valid way.
This webinar is free for ASA members and qualifies for continuing education hours toward ASA certification renewal. Register online at americanstaffing.net.
Register for Staffing World® and Save—Early Registration Deadline This Friday
Don’t wait to register for Staffing World 2013, the ASA annual convention and expo. Prices will increase after May 17, the early registration deadline. Join your industry peers for world-renowned speakers and industry experts, top-tier networking opportunities, and the largest, most comprehensive industry expo anywhere.
For additional savings, bring your team. Register for a full convention and expo package at full price and get 10% off each subsequent full convention and expo, and one-day convention and expo packages for additional attendees from your company.
For details and to register, visit staffingworld.org.
Deadline Next Week—Participate in the ASA Staffing Employment and Sales Survey
Share your firm’s data with ASA so you can get the staffing industry information you’re looking for. Participate in the association’s quarterly Staffing Employment and Sales Survey by May 20. Staffing firms that complete the survey receive an exclusive report on the results, which includes temporary and contract staffing sales and gross margin data by sector.
The information collected by this survey provides data essential to the association’s legal and legislative advocacy efforts on behalf of the staffing industry. Register to take the survey or view a PDF version of the questionnaire at americanstaffing.net. This survey is conducted by ASA research partner Inavero, and there are no fees to participate.
Earn Accolades From ASA
Submitting an entry to an ASA award program provides an excellent way for members to be recognized by the industry for their outstanding initiatives. Start preparing your entries now for the National Staffing Employee of the Year, ASA Care Award, and Staffing VOICE Award programs.
The National Staffing Employee of the Year is an honoree whose story best captures the staffing industry’s key messages—jobs, flexibility, bridge, choice, and training. Give your stellar temporary or contract employee the chance to be the 2014 National Staffing Employee of the Year by nominating him or her for the prestigious distinction. Nominations are due Aug. 1.
You can learn about the 2013 honoree, Kevin Miller, by reading the January–February issue of Staffing Success magazine. National Staffing Employee of the Year is sponsored by First Staff Benefits, an ASA corporate partner.
Share your company’s outstanding corporate social responsibility initiatives by submitting an entry for this year’s ASA Care Award. The Care Award recognizes CSR best practices among ASA member companies and affiliated chapters. A panel of corporate social responsibility experts will review entries and select the winners. There is no entry fee for this award program, and entries are due July 1.
The 2013 ASA Staffing VOICE Awards competition recognizes standout communications efforts in 10 categories that demonstrate vision, originality, innovation, creativity, and effectiveness (VOICE). Visit americanstaffing.net to download an entry form.
All submissions must be received in the ASA office by July 1. The ASA Staffing VOICE Awards are sponsored by ASA corporate partner CareerBuilder.
Massachusetts Court: Medical Staffing Company Not Liable for a Temporary Nurse’s Negligent Care
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Work-Wage Lawsuits Proliferated Over Past Year
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H-1B Work Visa Application Established Employee Contract, New York Court Rules
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‘Pay Now or Pay Much More Later,’ Warn Federal and State Governments
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Small-Business Owner Roller Coaster Continues
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Manufacturing Confidence Poised for a Rebound
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