Penning Group Blog

The Penning Group blog is written and edited by the advisors and attorneys of The Penning Group, providing practical business, personal, and legal information. To view blog posts by category, choose a topic area from the sidebar menu.

Tuesday, August 18, 2015

Sale of Business Interests Can Trigger Surprise Tax Results

Did you know that if more than 50% of the interests in a partnership or LLC are transferred within a 12-month period, the business technically ceases to exist under federal tax law?

That is true even if the business continues to operate as normal for all other intents and purposes.

This "technical termination rule" isn't the end of the world, but it is something you need to be aware of. For one thing, a special tax...

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Tuesday, August 18, 2015

How to Avoid Common Trust Mistakes

A trust is oftentimes the foundation of a solid estate plan. It is important to remember that you just can't set up a trust and forget about it. It is a good idea to periodically review how your trust is working to make sure you and your family are getting the full benefit of the trust document and its terms. Not doing so can sometimes lead to unintended results. 

Here are just a few things to consider and some common mistakes to avoid:

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Tuesday, August 18, 2015

Common Questions on Storm Damage Insurance

A few weeks ago, an incredibly powerful series of thunderstorms, including what was believed to be a tornado, went through Leelanau County, Michigan, where my Northern Michigan office is located, as well as most of Grand Traverse County. There was an incredible amount of destruction to both residential and commercial property, as well as damage done to various crops, including grapes, which support our local winery businesses. The following are some common...

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Tuesday, June 23, 2015

Be Careful - A Letter of Intent Could Be Binding

Business people who agreed on the general terms of a transaction often sign a "Letter of Intent" that lays out these terms in writing. The idea is to make sure that everyone is on the same page while a formal contract is being drafted. But what happens if you sign a Letter of Intent with someone and then they walk away from the deal? Is that okay? In general, the answer is “yes” – a Letter of Intent isn't a binding contract; it is merely an...

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Tuesday, June 23, 2015

Employment Law Handbook

The U.S. Department of Labor publishes a guidebook to provide businesses with general information on the laws and regulations that the Department enforces. The guidebook describes the statutes most commonly applicable to businesses and explains how to obtain assistance from the Department for complying with them.

The Employment Law Guide: Laws, Regulations and Technical Assistance Services can be accessed at...

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