Los Angeles, California Hotels and City Guide

Los Angeles - Business Tips

Los Angeles Industries and Economy

The economy of Los Angeles is multifaceted: it depends are great deal on international trade and cargo shipping. LA is the biggest manufacturing center in the western US, and the ports in LA and neighboring Long Beach comprise the world’s fifth busiest port. While LA is known for its entertainment sector, it also relies on aerospace, medical, financial, telecommunications, law, and transportation industries. Los Angeles is home to six Fortune 500 companies, including Northrop Grumman, an aerospace contractor, Health Net healthcare providers, Occidental Petroleum, KB Home, a homebuilding company, Reliance Steel & Aluminum, and CB Richard Ellis, a real estate group.

Many large corporations, such as CitiGroup, Bank of America, Wells Fargo, and US Bancorp, have offices in Downtown’s Financial District, while other large companies are headquartered in LA. These include entertainment giants 20th Century and Paramount Pictures, as well as the Jim Henson Company, Univision, Premier America, Guess?, Fox Sports Net, 21st Century Insurance, Sunkist Growers, Inc., The Coffee Bean & Tea Leaf, Korean Air’s US passenger operations, Metro Interactive, LLC, and many more.

Los Angeles is an enviable business location, however, the taxes often drive companies to outlying areas. LA charges a gross receipt taxes on a business’s revenue, while other cities charge a flat tax. For many companies, it is better financially to move to an area close to LA. This way they get the flat tax and the benefit of being in close proximity to Los Angeles. Some major companies enjoying the closeness to LA but not the taxes are:
The Academy of Motion Picture Arts and Sciences in Beverly Hills, Hilton Hotels in Beverly Hills, The Walt Disney Company and Warner Bros in Burbank, Countrywide Financial in Calabasas, Sony Pictures Entertainment in Culver City, DirecTV and Mattel in El Segundo, DreamWorks in Glendale, Princess Cruises in Santa Clarita, and Activision in Santa Monica.

Tourism has topped international trade as LA’s biggest job generator. In 2008, LA County saw 25.6 million guests who spent $13.8 billion. In addition, more Angelinos are enjoying the attractions – and spending money – in their own backyards. There are about 456,000 people employed in the tourism industry in Los Angeles.

Business Tips and Etiquette in Los Angeles

Dress Code: Americans in general are less formal than their European counterparts, and Angelinos adopt an even more informal style of dress. In summer, and especially at media and computer companies, short sleeves and slacks are perfectly acceptable. Women may wear a professional sleeveless top and a skirt or pants. More formal business attire should be worn for meetings or conferences at law, medical, or financial businesses.

Greeting Someone in LA: A simple, firm handshake is always appropriate when greeting someone in Los Angeles. It is not unusual to address new acquaintances by their first name, even in a business setting. Be sure to listen to how they are introduced and use the preferred name.

Business Hours and Banking: Depending on the type of business and the location, hours of operation will vary. In general, you can expect businesses to be open from 10:00 am to 6:00 pm, though many have extended hours in the evening. Banks are typically open from 9:00 am to 6:00 pm Monday through Friday and 9:00 am to 2:00 pm on Saturdays. They are closed on state and federal holidays and on Sundays.

Smoking: Smoking may have been part of old Hollywood glamour, but today, it is prohibited in LA businesses, restaurants, and bars. A new bill will prohibit smoking outside within 10 feet of businesses serving food or drink. It is considered very rude to smoke in open air surroundings, especially when children are present.

General Etiquette: Most LA business people are very casual. “Casual Smart” dress is appropriate in many industries, though you’ll want to wear suits for legal or financial meetings. The average workday starts at 8:00 or 9:00 am, or earlier in the film industry, and end at about 5:00 pm. Breakfast meetings at 7:00 are not uncommon. For business meetings, it is best to wait for the host to order beverages to see if alcohol is acceptable. Many LA business people eschew alcohol at lunch. Late nights with clients are not the norm, as LA is a city that sleeps.

Hotels in Los Angeles, California