Tips for small business owners starting their succession plan

As a business owner, planning for your strategic exit from the business may be one of the last things on your mind. Many owners of small- to mid-sized companies have spent years and decades building their businesses. With the constant frenzy of activity, succession planning can become a low priority.

However, planning for the transfer of ownership to the next generation should be a critical part of your business. A business succession plan accounts for your strategy to exit the business while ensuring a smooth transition with the next wave of owners. While this becomes increasingly important as business owners approach the traditional retirement age, a recent study reported that nearly 60 percent of business owners failed to have their own succession plan in place.

Important factors to consider before a real estate transaction

Buying a home is one of the most significant financial and legal transactions a person will make in his or her lifetime. Because of the serious nature of this type of purchase, a potential buyer in California would be wise to take the time to carefully consider the benefits and potential ramifications of any choices before moving forward. Being cautious can help a person avoid costs and complications after a real estate transaction.

Before moving forward with a home purchase, a buyer would be wise to consider whether this is really the right step to make at the time. People who move a lot, don't have sufficient financial resources or are not truly ready to make a significant commitment may not need to buy just yet. Moving ahead too quickly can result in a person owning a home that he or she doesn't really want and may not be able to sell quickly,

New Employment Law: California Employers Don't Ask and Job Applicants Don't Have to Tell Salary History Information

For many decades it has been routine and customary for some employers to ask job applicants for their salary history. This information is often requested in job applications and during job interviews. Effective January 1, 2018, however, a new California law prohibits this practice.

LimNexus Partner, Pio Kim Publishes Article in the KACAP Journal

LimNexus Partner, Pio Kim’s article on IRS whistleblower program was recently published in Volume 18 of the 2017 Korean American Certified Accountants Society of Southern California Journal (“KACPA Journal). The article informs the program’s background and process of the whistleblower claims. Mr. Kim indicates that filing an IRS whistleblower application is not advisable unless there is a solid basis for filing an application and the whistleblower is prepared to wait a long time. Click to see the full article.

Phillip Shinn and Grant Kim Speak at Seoul International Dispute Resolution Center (SIDRC)

We are pleased to announce that Partners Phillip Shinn and Grant Kim will make a presentation at Seoul International Dispute Resolution Center (Wednesday, February 15, 2017, 5:30pm). They will be speaking about ‘Arbitrating Patent and Technology Disputes: Special Problems and Innovative Approaches’. Click to see SIDRC flyer for detail information.

LimNexus Welcomes Grant L. Kim International Arbitrator and Patent Litigator

LimNexus is proud to announce that it is boosting its international arbitration and intellectual litigation prowess with the addition of Grant L. Kim as a partner. Mr. Kim has over 30 years of experience in both international arbitration and in litigating patent, copyright, trade secret and other intellectual property disputes along with other complex litigation. Over his distinguished career, Mr. Kim has obtained favorable results for clients based in the U.S., Asia, and Europe in arbitrations under the rules of the International Chamber of Commerce (ICC), the International Centre for Dispute Resolution (ICDR), the American Arbitration Association (AAA) and the Korean Commercial Arbitration Board (KCAB). He also serves as an arbitrator and is a member of the Panel of Arbitrators of the ICDR, the KCAB, the Hong Kong International Arbitration Centre and the Tech List of the Silicon Valley Arbitration and Mediation Center. Mr. Kim has authored several articles and is a frequent speaker on various topics concerning international arbitration.

Measure JJJ will Adversely Affect the Feasibility of Some Residential Projects in the City of Los Angeles

Measure JJJ, which was approved by voters on Nov. 8, adds important new requirements to certain residential projects in the City of Los Angeles. Subject to exceptions for projects in specified locations, the measure applies to projects that contain 10 or more residential units and need a General Plan amendment, zone change or height district change. (Because the City's land use regulations are outdated, many residential projects in recent years have needed at least one of these modifications.) Where Measure JJJ applies, it requires that a certain percentage of residential units be made available at affordable cost to persons of low- or moderate-income (the measure allows for alternative performance such as providing affordable housing off-site or paying an in-lieu fee to the City's affordable housing trust fund), that workers be paid prevailing wages, that 30% of work hours be performed by City residents and that 10% of work hours be performed by persons who live within 5 miles of the project and qualify as Transitional Workers by having two or more specified obstacles to employment.Developers must factor Measure JJJ into their feasibility analysis when buying land for residential development or planning a project. If the effects of Measure JJJ cannot be avoided (such as by limiting the project to a maximum of 9 residential units or working within the generally applicable land use regulations), any pro forma for the project should be prepared in consultation with legal counsel and reflect careful consideration of Measure JJJ's impact on project costs and revenue stream.

Opus Bank SLAPP-ed! LimNexus Litigation Team Successfully Defends Whistleblower who was Sued by his Former Employer for Reporting Perceived Misconduct

The LimNexus team of Bryan Sheldon and David D. Yang secured an important anti-SLAPP victory in defense of a former Opus Bank employee. Following the bank’s written procedures for reporting suspicious conduct, the employee, who was employed by the bank as a Senior Loan Review Analyst, reported what he felt were improper banking practices and that his supervisor told him he was “making the bank look bad.” The bank responded by not only firing the employee for making the report, but, along with two of its officers, filing a lawsuit against him for defamation and other claims.

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