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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.
Half Full Or Half Empty? Jobs And GDP Differ
Marketwatch (07/28/13) Jeffry Bartash
The government this week is expected to report that the U.S. gross domestic product grew only 1.0% in the second quarter, down from an underwhelming 1.8% in this year’s January-through-March period. Economists expect the latest overhaul will show that historic growth has been a bit faster than believed, although it will not change what has transpired in the past six years. J.P. Morgan economists write: “Even after the revisions, we will still be looking back at a deep recession and slow recovery.”
Most economists are forecasting U.S. growth will accelerate in this year’s third and fourth quarters. As for the employment picture, the U.S. has generated an average of more than 200,000 a month since the first of the year, which is more than most economists projected back in January. Attention must now be paid to how many hours employees work each week. A rising or unchanged number is good for the economy, while a decline could be a sign of trouble.
Fighting Back Against Wretched Wages
New York Times (07/27/13) Steven Greenhouse
U.S. low-wage workers have been using one-day strikes to draw public attention to the difficulties they face, which they attribute to earning only minimum wage. Companies such as McDonald’s, Taco Bell, Macy’s, and Walmart have kept their wages low, while their chief executives’ pay has significantly increased. Many Walmart locations in particular are allegedly hiring only temporary workers to fill openings, in order to save on wages and benefits. While strikers have been calling for a $15-an-hour minimum wage, a more realistic outcome is to push the low-wage work problem onto the national agenda. More walkouts are expected at fast-food restaurants in seven cities today.
Amazon to Hire 5,000 for Warehouse Expansion Plan
Seattle Times (07/28/13) Cecilia Kang
Amazon plans to hire 5,000 employees in its U.S. distribution warehouses, and another 2,000 customer service employees in other locations, as part of an ambitious growth strategy. Amazon will hire immediately in 17 fulfillment centers. The positions are full-time and include benefits. Temporary workers, such as those hired during the holiday rush, can buy medical coverage through staffing firms.
President Obama will visit Amazon’s Chattanooga, TN, fulfillment center to outline policy proposals to spur middle-class job creation. Apple also recently announced that it would make certain Mac computers domestically.
Small Businesses Say U.S. Background Check System Has Drawbacks
Wall Street Journal (07/24/13) Angus Loten; Sarah E. Needleman; Adam Janofsky
As of July 20, 467,328 U.S. employers were enrolled in the E-Verify system, which matches job applicants’ social security numbers and other identification against a national database kept by the U.S. Citizenship and Immigration Services. Since using the E-Verify system, many small business owners report it is more difficult to fill open positions, and some employers must hire extra staff or upgrade computer equipment to implement the system.
Georgia and at least 15 other states require at least some employers to run E-Verify checks during the hiring process, and under the U.S. Senate immigration bill passed on June 27, all employers would be required to do so.
Help Colleagues Find You on ASA Central—Free ASAPro Webinar Today
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Network in Your Niche: Join the ASA Office–Administrative Section
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ASAPro Webinar This Week—Save Costs With Tax Credits
Is your business receiving the tax credits to which it is entitled? Mike Nethery, a tax credit consultant with HK Payroll Services Inc., will teach you how to improve your bottom line through employer tax credit programs during the ASAPro webinar “Get the Most Out of Tax Credit Programs.” It takes place Thursday, Aug. 1, 3–4 p.m. Eastern time.
ASAPro webinars are $295 for nonmembers and qualify for continuing education hours toward ASA certification renewal. Join ASA and enjoy ASAPro webinars for FREE.
Stand Out and Get Ahead—Earn Your Credential From ASA
Make this the year you stand out professionally by earning the Certified Staffing Professional®, Technical Services CertifiedSM, or Certified Search ConsultantSM credential from the American Staffing Association.
For a small initial investment in your future and in the future success of your company, you can earn one or all designations and be recognized as a committed and knowledgeable staffing industry professional. Get the details at americanstaffing.net.
ADA Allows Imposition of Special Conditions for Substance Abusers
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New Jersey Supreme Court Expands State Law Retaliation Claims
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Business Workshop: FMLA Continues to Expand
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In U.S., Fewer Young Adults Holding Full-Time Jobs in 2013
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Workplace Injuries Drop, But Claims of Employer Retaliation Rise
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Job Market Showing Solid, if Slow, Gains
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