Developing an asset protection plan in California presents creative opportunities and interesting challenges. A relevant strategy must be in place for licensed professionals in high-risk occupations. Principal residences, real estate investments, liquid assets, and retirement accounts must be shielded from potential claims. The business attorneys in Los Angeles at The Hakim Law Group specializing in asset protection want those in high-risk professions to understand why a strategic protection plan is necessary. In California, licensed professionals,…
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California’s Privacy Protection Agency (CPPA) introduced proposed regulations this past November to further protect consumers when their personal information is used in automated profiling. These proposed regulations will facilitate public comment; none of these are in effect. The attempts by the CPPA to regulate artificial intelligence (AI) and other automated decision-making technologies (ADMT) will have consequential effects on the businesses that use AI to process job and credit applications, compensation decisions, and profiling. The business…
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Most entrepreneurs do not have adequate personal funds for their company and are forced to seek seed capital or other finance options to capitalize their startup – and traditional loans are typically not a viable solution. For entrepreneurs forced to look for equity financing, there are many private sources and incubator programs in Southern California. The business law professionals at The Hakim Law Group in Los Angeles want to explain the differences between angel investors…
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The choice of business entity is one of the most crucial steps when an entrepreneur decides to turn an innovative idea into a reality. Selecting the proper entity can have a significant impact on the business's legal structure, overall operations, taxation, and liability, especially for the founders. An experienced business lawyer in Los Angeles understands the many types of business entities to help an entrepreneur make an informed decision. Sole Proprietorships A sole proprietorship is…
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In a business contract, a limitation of liability clause limits the amount or type of damages that may be recovered in the event of a claim, breach, or lawsuit. It is typically designed as a risk management and allocation tool, contractually insulating one or both parties from excessive or unforeseen liability. Depending on the specific requirements of the business agreement, a limitation of liability clause may be tailored to contain different aspects, including the maximum…
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With advancements in technology, many business transactions are carried out online with the click of a button. This approach has the advantage of ensuring that transactions progress almost seamlessly. The downside is that parties to agreements may bypass closely examining their rights before signing an agreement. You have probably experienced both clickwrap and browsewrap agreements before, but may not have delved into the details of these digital contracts. Outlined below is a brief definition of…
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In California, anticipatory breach of contract occurs when a party involved in a bilateral contractual agreement decides to repudiate the terms of the contract. A repudiation in an anticipatory breach of contract can be either express or implied. An express repudiation is a clear, unequivocal refusal to perform the terms of the agreement. In contrast, an implied repudiation stems from conduct where the promisor puts it out of their power to perform so as to…
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When a corporation is formed in California, it will be deemed a C-Corporation by default. The terms “C-Corp” and “S-Corp” refer to tax classifications for different business entities. If a business wants to become an S-Corporation, Form 2553 will need to be completed and filed with the Internal Revenue Service. S-Corps and C-Corps have a few different key differences between them – one of them is how they are taxed. For instance, if your business…
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If you are looking to start a business in Los Angeles, California, you may be wondering what type of business entity is best. Many business owners opt to form a limited liability company, which offer certain protections against the individual owner. Why? Because limited liability protection helps protect your personal assets from business debts and legal judgments. Essentially, limited liability protection provides a shield for your personal assets, meaning your personal assets are protected and…
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