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Business & Transactions

ANAND LAW PC > Business & Transactions

Can Cooperatives Save the Gig Economy? USING COOPERATIVE ASSOCIATIONS TO SAVE THE RESTAURANT DELIVERY BUSINESS

[vc_row triangle_shape="no"][vc_column][vc_column_text] CALIFORNIA JUDGE ORDERS UBER AND LYFT TO RECLASSIFY WORKER STATUS [/vc_column_text][vc_empty_space][vc_column_text]Recently, a California judge ordered Uber and Lyft to reclassify their workers from independent contractors to employees with benefits. Lyft planned to discontinue services in California as soon as this order was put into effect. Although it remains to be seen whether or not this decision will survive the appeals process, the decision has highlighted major problems within the modern gig economy. Workers under these ride hailing companies, as well as workers within similar food-delivery services, do not receive the benefits generally associated with employment such as health insurance, workers’...

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USURY LAW (LIMITATIONS ON INTEREST RATES CHARGED ON LOANS)

[vc_row triangle_shape="no"][vc_column][vc_column_text]The California Constitution prohibits loans that are made primarily for personal, family or household purposes from having interest rates above 10% per year.  This is California’s general usury law.  However, there are many exceptions. First, as implied from the above, loans made for business purposes are not capped at 10% interest (although there are other caps).[/vc_column_text][vc_empty_space][vc_column_text] HOME LOAN EXEMPTION [/vc_column_text][vc_empty_space][vc_column_text]Second, a loan that is taken out to be used primarily for buying a home (i.e. a mortgage) or improving a home (i.e. a construction loan) are not considered loans for personal, family or household purposes, and thus are not capped at 10%...

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