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16 Mar '21Congress recently passed, and the President signed, the “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act” (i.e. the Economic Aid Act) into law. The legislation includes roughly $900 billion in financial assistance to individuals, small business owners, hospitals, etc. who are struggling to make it through the Coronavirus Pandemic. A key component of the Economic Aid Act was infusing the moribund Paycheck Protection Program (PPP) with an additional $284 billion in funds. This […]
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A number of employment-related bills were signed into law by the Governor of California that are likely to require significant modifications to current protocols and practices to ensure compliance. This means business owners and their HR teams will need to invest time and energy into understanding the new rules and regulations. Here is an overview of some of the major employment laws that are going into effect in 2021. Expanded Leave Under the California Family […]
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When someone is managing multiple businesses under one “umbrella” limited liability company, a question that commonly arises is when, if ever, is the appropriate time to divide those businesses into multiple LLCs? Let’s take a look at the common benefits, and potential pitfalls, associated with splitting a multi-business LLC into multiple LLCs. Benefits One of the biggest benefits associated with dividing an LLC used as an umbrella to multiple businesses is that it helps further […]
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16 Feb '21As a general rule, shareholders of a corporation are shielded from liability for the debts incurred by the corporate entity. This protection from liability exists because a corporation is treated as a separate, independent, legal entity from its shareholders capable of accruing assets and incurring liabilities. Basically, when you incorporate a business in California or any other jurisdiction, a “corporate veil” will drape over the business that protects you and any other shareholders from being […]
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Congress passed a massive $900 billion bill focused on providing support to individuals and small business owners. The legislation (which was passed overwhelmingly in both chambers of Congress) includes more than $300 billion in financial assistance for small business owners. Here is an overview of the key provisions within the legislation that are likely to impact business owners in and around Los Angeles. Tax Deductibility of Business Expenses Paid Through PPP Loans The legislation ensures […]
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If you are starting a business, one of the first issues that needs to be addressed is what type of business entity you want to form. There are partnerships, limited partnerships, C-corporations, S-corporations, and the limited liability companies (LLC). Out of these options, the LLC is one of the most popular and prevalent structures used by millions of people throughout the United States. The popularity of LLCs is generally due to the inherent flexibility as […]
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If you are a business owner in California, protecting your customer’s personal information and sensitive data is no longer optional – it is legally required. This is due to the passage of the California Privacy Rights Act (the “CPRA”), a ballot initiative that passed by public vote on November 3, 2020. The CPRA is a groundbreaking law that sets California apart from virtually every other state in the country when it comes to consumer privacy […]
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If you are attempting to grow your team by recruiting a new employee, particularly a high-level executive, you may be wondering if a non-compete agreement is necessary, or worth considering. Generally, non-compete agreements are used to expressly prohibit an employee from working with a direct competitor during, or immediately after, their employment with your company. These types of agreements can be beneficial if you are in an extremely competitive sector and have concerns about an […]
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Privacy law has been a hot topic in California. It was not too long ago that the California Legislature passed the California Consumer Privacy Act (the “CCPA”). In fact, it was so recent that the CCPA officially went into effect at the beginning of 2020, with the enforcement period commencing as of July 1, 2020. Despite the recent passage of the CCPA, the California Legislature is seriously discussing the passage of another privacy law by […]
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When you run a business, it is important to understand that there are an array of rules, regulations, and corporate formalities that must be followed. When those formalities are neglected, it can lead to significant legal problems down the road. For example, if you neglect to keep minutes of corporate board meetings, this oversight can lead to potentially costly and contentious litigation. Why is There a Requirement to Maintain Minutes? A for-profit corporation operating in […]
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As a serial entrepreneur and CEO of companies both small and national, I cannot think of more trustworthy and competent counsel than Afshin Hakim. He is one of the best attorneys in Los Angeles.
Juve Vela, Psy.D., CEO/PresidentUnderstanding Behavior, Inc.The strategic advice Afshin provided our company in connection with closing a transaction and navigating through litigation issues was priceless and crucial towards our success. Afshin is the kind of lawyer every CEO would love to have.
Brandon KashfianAltaThera PharmaceuticalsHakim Law Group has consistently delivered high quality advice and documentation ahead of our timelines and on or under budget. They remain a key ally for us in all aspects of our corporate development.
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