What is an IPO?

Most of us know the term IPO but few of us really understand what it means. An IPO is when a private company, for the first time in its history, offers shares of itself to investors and issues stock in exchange, at which time the company transforms into a public company. Thus, the term Initial Public Offering. Off course there are lots more technicalities but the jist is to raise capital. 

Most start-ups seek to IPO at some time; however, in order to be ripe for an IPO there are many hurdles that the company must overcome. In essence, the company must substantiate that it is live, well, and profitable. At this time most companies IPO by approaching an investment bank to underwrite the process. An underwriter basically values the shares of the company and creates the medium to offer the shares to the public. 

So what does this all mean? To get a better idea, here is an article of a recent IPO that Hilton Hotels initiated. 

http://www.reuters.com/article/2013/12/11/us-hilton-ipo-idUSBRE9BA17G20131211

This content is intended for educational purposes only. KAASS LAW is authorized to practice law in California. The above content is intended for California residents only. This content provides only general information which may or may not reflect current legal developments. KAASS LAW expressly disclaims all liability in respect to actions taken or not taken based on any of the contents of this website. The above content DOES NOT create an attorney-client relationship. KAASS LAW does not represent you unless you have expressly retained KAASS LAW in person at the KAASS LAW office. KAASS LAW helps clients in: Los Angeles, Burbank, Hollywood, Glendale, Van Nuys, North Hollywood, Studio City, Highland Park, Eagle Rock, Sunland, Tujunga, Sylmar, La Crescenta, La Canada, Beverly Hills, Westwood, Santa Monica, Brentwood. Pacoima, Montebello, Commerce, Alhambra, Downey, Bell, Maywood, Walnut Park, Vernon, Lynwood, Echo Park, Silverlake, Mission Hills, Northridge, North Hills, Porter Ranch, Chatsworth, Reseda.

Expunge Your Conviction!

Got a CONVICTION?

Can’t get a job because you have a criminal record? There is help. Use KAASS legal tips to get your life back!

Click here for more info: Kaass Law

In order to clear your record, you need to get your conviction expunged. What does that mean you might ask? Well read carefully!

If granted in court, after your conviction is expunged it will allow you to reopen your case and set aside the conviction. Such convictions are either misdemeanor or certain types of felonies. You will be able to withdraw your plea of “guilty”, enter a plea of “not guilty”, and close the case without a conviction. However, this does not mean that your case entirely gets removed from your record. The arrest and charges will still exist and you must disclose the conviction in any direct question contained in any application for public office, for licensure by state or local agency or for contract with the California State Lottery.

You may be eligible under Penal Code § 1203.4 if:

·         You were convicted of a Misdemeanor or certain types of felonies.

·         Probation was granted on the case.

·         You have completed the full duration of probation and complied with all terms and conditions of probation or you were discharged from probation to the termination of probation.

·         You are not serving a sentence for any offense.

·         You are not on probation for any other offense.

·         You are not currently charged with any other offense.

·         All court restitution and/or fines have been paid.

You may be eligible under Penal Code § 1203.4a if:

·         You were convicted of a Misdemeanor.

·         One year has passed since the date the judgment was entered against you.

·         You were sentenced on the case and probation was not granted.

·         You have completed your sentence and complied with any terms of the sentence.

·         You are not on probation for any other offense.

·         You are not currently charged with any other offense.

However, if you served state prison time and or parole or are a parolee, you are ineligible for an expungement.  But, you may still be eligible to apply for a Pardon.

Further, there are certain Misdemeanor/Felony violations that are prohibited from being expunged. You should seek the advice of an experienced attorney if you are not sure if you qualify.

We hope this information was helpful. Stay SAFE!

This content is intended for educational purposes only. 

Made in the USA: How the UCC Regulates Business Transaction in the United States

“Made in the USA” is no longer a nostalgic phrase from the 50s; U.S. manufacturing has been making a steady comeback in the last few years. American manufacturing’s “re-shoring” to stateside has not only created increased sales of good ole American goods in our home-front but it has also influenced patriotism amongst consumers and manufacturers alike. A growing number of suppliers, vendors and retailers have been relying on their fellow Americans for goods all around the States.

Conducting business transactions outside of one’s state has become popular, as well as preferable as a result of the growing costs of importing. Conducting business out of your state can include the need for contractual agreements for selling and purchasing goods, leasing equipment or even borrowing money from out of state lenders.

So what regulates such contractual agreements? The Uniform Commercial Code of course.  The UCC is not a federal law; it is the product of the National Conference of Commissioners on Uniform State Laws and the American Law Institute. Based on the suggested laws presented by these two institutions, all 50 states, including U.S. territories, have adopted either partially or entirely, the UCC into their statutes.

The UCC consists of uniform codes that “spell-out” the regulations that govern over contractual agreements for sales of goods, lease of goods, transferring of funds, letters of credit and more. Although each state’s adoption of the proposed UCC may differ in some verbal contexts, its overall use is compliance of the law in regards to business and commercial transactions between businesses in differing states.

One of the most applicable articles in the UCC is Article 2 which governs the sale of goods. For small business, the UCC may also come into play when borrowing money from out of state lenders or when negotiating liens. Other important articles include ownership of securities governed by Article 8; regulations for secured transactions established by Article 9 and bulk transfers and bulk sale regulations in Article 6.

The ongoing increase of U.S. manufacturing on our own soil will undoubtedly create business opportunities and partnerships between you and your fellow American. Be prepared!  It is essential and highly important to be aware of the UCC provisions governing each state in which you conduct a business or commercial transaction. 

This content is intended for educational purposes only. 

KAASS LAW is authorized to practice law in California. The above content is intended for California residents only. This content provides only general information which may or may not reflect current legal developments. KAASS LAW expressly disclaims all liability in respect to actions taken or not taken based on any of the contents of this website. The above content DOES NOT create an attorney-client relationship. KAASS LAW does not represent you unless you have expressly retained KAASS LAW in person at the KAASS LAW office.

KAASS LAW helps clients in: Los Angeles, Burbank, Hollywood, Glendale, Van Nuys, North Hollywood, Studio City, Highland Park, Eagle Rock, Sunland, Tujunga, Sylmar, La Crescenta, La Canada, Beverly Hills, Westwood, Santa Monica, Brentwood. Pacoima, Montebello, Commerce, Alhambra, Downey, Bell, Maywood, Walnut Park, Vernon, Lynwood, Echo Park, Silverlake, Mission Hills, Northridge, North Hills, Porter Ranch, Chatsworth, Reseda,

KAASS Auto Accident Tips

KAASS Auto Accident Tips

Whether we like it or not accidents are a part of the modern world.   Statistics say that sooner or later we will be involved in one. Even the most careful cannot avoid the actions of another driver. Here are some tips to guide your way.

What you should do immediately after a car, truck or other motor vehicle accident.

1.      It is important to stay at the scene. Even if it is not your fault, fleeing the scene might result in criminal charges. You should pull to the side of the road if possible to avoid leaving the car in traffic lanes.
2.      Check if anyone is hurt. If anyone is hurt, you should not move them unless it’s absolutely necessary. Call 911 if you can or have someone else call.
3.      You should call the police, even if it is a minor accident. They will not always show up, especially if there are no bodily injuries. However, it is best to get them out to the scene for a police report, especially if you are the party not at fault.

4.      Gather information, including, but not limited to:

a.       Mandatory exchange of information. 
           i.      Driver’s license including: driver’s license number, driver’s license name, driver’s license address, driver’s license expiration date and any restrictions on the driver’s license.
      ii.      Registration Card: Get all the information from the vehicle registration car.
      iii.      Insurance Card: Get all the information from the vehicle insurance card.

                                                iv.      Description of the driver or passenger(s): write down the description of the driver or                               passenger(s) in order to restrict them from claiming that it was someone else.

                                                v.      License Plate: Write down and take a photo of the vehicle’s license plate number if                                 possible.

                                                 vi.      Photographs: The more the merrier.  Take as many pictures as you can.  Include                                     pictures of: the car, the scene, the damage, skid marks, the road condition, traffic signs, the                           passengers and most importantly the other driver.

                                                vii.      Witnesses: Look for witnesses in the area. If their statements can help your case, get                            down their information immediately.  Be nice and ask them if they are willing to be your                                  witness.  Try to keep them there until the police arrive so as their statement may be recording                         in the police report. 

5.      MOST IMPORTANTLY: DO NOT apologize or make any unnecessary statements.  Consult an attorney before making any statements.
6.      Do not speak to anyone regarding the facts of the accident.  This includes adjusters or claims man from either your insurance or the opposing insurance company.
7.      Do not give any recording statements to anybody.    
8.      Lastly, stay calm and contact an attorney as soon as possible in order to preserve your claim.  A proper assessment of you rights will be conducted. 

Now you know the first steps that you need to take when involved in an auto accident.  Be safe and be smart.  

Kaass Law is authorized to practice law in California.

Click here for more Auto Accident information.  

Got Class: You may very well be a part of one, class action law suit

Got Class:  You may very well be a part of one

Our Class Action Team may be able to help.

A plaintiff in a class action is an individual who has been minimally harmed by a drug, defective product, or some form of an unfair business practice.  A pooling of the individual harms in one action is a class action law suit.  Most of the time, this minimal amount of harm is not is enough incentive for an individual to bring an individual suit.  However, all members of the class combined have a substantial harm.  This suit allows an individual or a small group of people to bring a claim on behalf of hundreds, even thousands, of people who have suffered in a similar way.

Examples of class action lawsuits:

·         Recalled prescription drugs

·         Workplace Discrimination

·         Defective manufacturing

·         Toxic exposure to chemical such as asbestos

·         Unpaid overtime wages

·         Bad faith denial of insurance claims

·         Unfair practices by large companies, such as overcharging your statement

If you think you may be a part of such an injured class of plaintiffs, call us for a fee consultation at 310.943.1171 or visit our website: www.kaass.com

Assets Everlasting: what will happen to our assets once we pass away?

If you do not take control of the distribution of your assets, the state will.  Unless you create and place your assets in a trust before death, your assets must go through the California probate courts at the time of death.  Probate courts charge extensive fees and often take years to distribute the assets.

For example, H dies without a trust and at the time of H’s death he had a house worth $1,000,000.  His assets will go to probate court.  Along with court fees, the court will hire other professionals to help it distribute the assets.  If the total probate fees are $100,000, somebody has to pay these fees before the house may be distributed.  If the surviving wife may take the house, she need pay $100,000 to the court for probate fees.  If she does not have the money, the court will put the house up for, yes you all know the term, probate sale.  The asset will be auctioned off and the probate fees will be extracted from the proceeds. 

In California, placing our assets in a trust avoids probate court completely.  We may still manage and control our assets placed in a trust as we wish, however when we pass away, they are transferred to our loved ones with ease and no additional fees.  The minimal costs of setting up a trust today is substantially outweighed by the benefits of saving thousands of dollars, time, and stress for your surviving loved ones.     

Other benefits of a trust include tax breaks, privacy, and better protection of your assets from creditors.  Trusts also allow you to appoint a trustee to manage your assets when you become unable. 

In American society, a trust is a necessary instrument for anyone with any assets, who wants his/her surviving children, wife, or whomever to take after they pass away.  Not creating a trust during your lifetime, will cause a lot of financial and emotional stress to your surviving loved ones.  Leave a good name out for yourself, we are not everlasting, but a trust can be.    

You have the knowledge, be Smart.    

This content provides only general information which may or may not reflect the most current legal developments. KAASS LAW represents clients in: Los Angeles, Burbank, Hollywood, Glendale, Van Nuys, North Hollywood, Studio City, Eagle Rock, Sunland, Tujunga, Sylmar, La Crecenta, La Canada, Beverly Hills, Westwood, Santa Monica, Brentwood,

KAASS LAW is authorized to practice law in California.   The above content is intended for California residents only.  This content provides only general information which may or may not reflect the most current legal developments. KAASS LAW expressly disclaims all liability in respect to actions taken or not taken based on any of the contents of this website. 

Top 8 Automobile Accident Tips: What To Do When You Get Into a Automobile Accident

KAASS Tips: Automobile Accidents 

Whether we like it or not we all will get into an accident throughout our lives. Even the most careful cannot avoid the actions of another driver. 

Here are some tips to guide your way. What you should do immediately after a car, truck, or motorcycle accident. 

1. STAY AT THE SCENE. Even if it is not your fault, fleeing the scene might result in criminal charges. You should pull to the side of the road if possible to avoid leaving the car in traffic lanes. 

2. CALL AN AMBULANCE. Check if anyone is hurt. If anyone is hurt, you should not move them unless it’s absolutely necessary. Call or have someone call an ambulance. 

3. CALL THE POLICE. Even if it is a minor accident you should call the police to preserve the evidence. They will not always show up, especially if there are no bodily injuries. However, try to get them out to the scene for a police report.

4. GATHER INFORMATION AND EVIDENCE.

• i. Driver’s license. Get driver’s license number, driver’s license name, driver’s license address, driver’s license expiration date and any restrictions on the driver’s license.
• ii. Registration Card. Get all the information from the vehicle registration card.
• iii. Insurance Card. Get all the information from the vehicle insurance card.
• iv. Description of the driver or passenger(s). Write down the description of the driver or passenger(s) in order to restrict them from claiming that it was someone else.
• v. License Plate. Write down and take a photo of the vehicle’s license plate number if possible. 
• vi. Photographs. The more the merrier. Take as many pictures as you can. Include pictures of: the car, the scene, the damage, skid marks, the road condition, traffic signs, the passengers and most importantly the other driver. 
• vii. Witnesses. Look for witnesses in the area. If their statements can help your case, get down their information immediately. Be nice and ask them if they are willing to be your witness. Try to keep them there until the police arrive so as their statement may be recording in the police report. 

5. MOST IMPORTANTLY do not make any unnecessary statements at the scene, such as admitting liability. Contact an attorney to properly assess the liability question. 

6. DO NOT SPEAK TO ANYONE REGARDING THE FACTS OF THE ACCIDENT. This includes adjusters or claimsman from either your insurance or the opposing insurance company who have contacted you asking for information. 

7. DO NOT GIVE ANY STATEMENTS. No statements to anyone, recorded or not. Anything you say can and will be used against you. 

8. STAY CALM AND CONTACT AN ATTORNEY AS SOON AS POSSIBLE in order to preserve your claim. A proper assessment of your rights will be conducted. 

Now you know the initial steps you need to take when involved in an auto accident. 

Be Safe, Be Just, Be Smart. 

This content provides only general information which may or may not reflect the most current legal developments. KAASS LAW represents clients who have sustained injuries as a result of a automobile/car collision/accident  in: Los Angeles, Burbank, Hollywood, Glendale, Van Nuys, North Hollywood, Studio City, Eagle Rock, Sunland, Tujunga, Sylmar, La Crecenta, La Canada, Beverly Hills, Westwood, Santa Monica, Brentwood.

KAASS LAW is authorized to practice law in California.   The above content is intended for California residents only.  This content provides only general information which may or may not reflect the most current legal developments. KAASS LAW expressly disclaims all liability in respect to actions taken or not taken based on any of the contents of this website.