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.

Monday, February 2, 2009

February and March are important months for Michigan property owners. Michigan property owners will soon receive a Notice of Assessment in the mail from the local assessor’s office. The large letters in the top right corner will read: THIS IS NOT A TAX BILL, and thus, many property owners take a cursory glance, pleased to see that the number in the Assessed Value and State Equalized Value columns have decreased, and toss it away. When the summer property tax bill arrives several months later, the property owners realize that the property tax due has increased from the amount they paid last year. The Notice of Assessment is one of the most important documents property owners receive....

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Friday, January 30, 2009

To state that our economy is less than business friendly would be a tremendous understatement. From real estate, to stock investments, to credit line decreases, to credit unavailability, both consumers and businesses have been devastated. As a result, businesses cannot sustain themselves with a “business as usual” mentality.

It is easy to get caught up in the day-to-day reports of dismal economic news and assume a “victim” mentality. In order to survive, business owners need to be more proactive than ever before. In “The Seven Habits of Highly Effective Businesses”, Stephen Covey defines habit number 1 as being proactive as follows: “It means more than merely taking...

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Friday, January 30, 2009

Many family business owners confuse their ability and success in running their family businesses with the ability to effectively orchestrate the sale of the business to a third party. The excerpt below from an article in the current edition of Family Business Agenda is an excellent summary of common mistakes that are often times made with respect to selling family businesses.

Cover of Family Business Agenda7. Mistakes to avoid when selling your family business. In the current issue of Family Business...

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Friday, January 30, 2009

One of the most important lessons we need to learn from our economic crisis concerns the necessity of protecting our assets and insuring that our loved ones have the opportunity to enjoy benefits of our years of hard work and sacrifice. While it is easy to get caught up with all the negatives resulting from our current economic crisis, there have been key estate tax law changes and positive planning opportunities resulting from these changes which may, in some instances, may be a silver lining to the dark cloud hovering over us.

Estate and Gift Tax Law Changes – Effective January 1, 2009, the estate and generation-skipping tax exemption increases to $3.5 million...

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Friday, January 23, 2009

At The Penning Group, we contact our corporate clients on at least an annual basis to remind each client of the necessity of maintaining their corporate records in order to comply with the requirements referenced below. In order to assist our clients with organizing the information required to be included in the annual minutes of the corporation, we have prepared a checklist identifying the various events and actions needed. If you are a Penning Group corporate client, you probably have seen this checklist in a different format before. If you are not a Penning Group client, you may want to utilize the checklist to organize the information to be provided to your own corporate counsel....

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