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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.
Consumer Sentiment Sinks to Nine-Year Low as Coronavirus Slams Economy
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Consumer Prices Drop in March
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Brookdale Senior Living Seeks to Fill at Least 4,500 Openings Nationwide
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Thwart Cybercriminals—Read Staffing Success Magazine
Late last year, a vicious cyberattack brought a well-established staffing company to its knees. The bad guys infiltrated the company’s operations, encrypted data, and then demanded payment for its return. In the March–April issue of Staffing Success magazine, read this true story that provides a valuable lesson to other firms on how to safeguard their companies—especially in a time when remote work is the new norm.
Access the current issue and back issues of Staffing Success, and other ASA digital publications, at americanstaffing.net/digital.
Welcome New ASA Members
The ASA board of directors and staff welcome the following new members, which joined during the week ending April 5.
Access Healthcare LLC
Princeton, NJ
Bloom Search
Bolingbrook, IL
Mary Jane Prigge Consulting LLC
Leesburg, VA
Personnel Evaluation Inc.
Milwaukee, WI
Staff Right Services
Columbiana. OH
Staffing 360 Solutions
New York, NY
Staffing Plus
Springfield, MO
Trusted Health
San Francisco, CA
Unlimited Staffing Inc.
Butler, PA
Temporary Staffing Agencies Are the Employer for Purposes of PPP Loans
Confusion has arisen under the Paycheck Protection Program of the Coronavirus Aid, Relief, and Economic Security (CARES) Act as to whether staffing firms or their clients should count the staffing firm’s temporary employees in determining loan eligibility and which entity can include the temporary employees’ wages as “payroll costs” in determining the maximum loan amounts.
In a new issue paper, ASA tax counsel Marc J. Gerson of Miller & Chevalier examines the question. Both the staffing agency and client should count the temporary employees in determining their respective size, but only staffing agencies, as the common law employer, can claim the temporary employees’ wages as payroll costs in determining loan amounts under the PPP.
IRS Provides Guidance Under the CARES Act to Taxpayers With Net Operating Losses
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IRS Extends More Tax Deadlines
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EEOC Issues Updated Covid-19 Technical Assistance Publication
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Employers Providing Face Masks Should Review Their Health and Safety Obligations
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California: Use Caution When Laying Off Employees Without a Return to Work Date
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Covid-19 Drags U.S. Economy Into Recession
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More Than Two-Thirds of Small Businesses Applied for PPP Loans and Nearly Half Applied for EIDL
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