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, July 20, 2010

Emily Perl Kingsley poem Welcome to HollandSeveral weeks ago, I shared a poem written by Emily Perl Kingsley entitled, "Welcome to Holland." (click here to read the "Holland" Reflections blog post) The poem reflects Kingsley's experience of raising a child with a disability to help people who have not shared that unique experience to understand it and in some small way imagine how it would feel.

A recent experience

Based on the overwhelming response to my previous...

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Sunday, July 4, 2010

Proposed "Carried Interest" Tax Purports to Soak Wall Street But Hits Family Businesses

Proposed Carried Interest Tax Hits Beyond Wall StreetFor the time being, the Senate has again abandoned efforts to impose a "carried interest tax" on venture capitalists, investors, and managers of family businesses. The tax would have increased the 15% capital gains tax rate on certain investors' profits to the top income tax rate, which is scheduled to hit 39.6% on January 1st (H.R. 4213). The share of investors' profits is called "carried interest." It might appear at first...

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Sunday, June 13, 2010

We were doubly blessed in January, 1995 with twin boys. Both weighed in at 40 pounds. One was blond and one was dark-haired. There it was - our family complete - three boys under 2 1/2 years of age. Do you remember the poem, what are little boys made of? "Snails, tails and puppy dog tails." Our lives were busy with diapers, bottles, and watching in amazement how our world went from one to three. Casey PenningWhen our oldest son asked the very next week, after they were home from the hospital, "When can they go back?" I looked at him blurried from little sleep and...

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Monday, May 24, 2010

Business Succession Plan for moving beyond buy-sell agreements for the closely held businessA large portion of the businesses in the United States are closely held companies, and many of the closely held companies are family owned enterprises. The long term perpetuation of the family business is a common and laudable goal of most founders. Developing strategic and successful transitions to subsequent generations largely centers on who will control the company and whether the control will be concentrated in one family member or a small group of family members, or if the...

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Monday, May 24, 2010

Oil and Gas Leases: What Northern Michigan Landowners Should Know Oil and Gas Leases: What Northern Michigan Landowners Should KnowRecently, many of my firm's clients who own multiple acres of land in northern Michigan have been contacted by petroleum company representatives and offered oil and gas rights leases for their land. While many of these companies are reputable and offer fairly standard terms in their leases, they are generally trying to secure leases that are most favorable to them. The landowner should be aware of provisions that can be included to protect their...

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