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.

Friday, February 27, 2009

As recently reported in the February 25 issue of the Oakland County
Legal News

Black
By KATHY BARKS HOFFMAN

LANSING, Mich. The sauvignon blanc was from California, the pinot noir from Oregon.

But the wine served Sunday night with dessert as the nation's governors dined at the White House with President Barack Obama and his wife...

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Friday, February 27, 2009

The following article reports on an increasingly used strategy by individuals representing homeowners whose homes are in danger of foreclosure. In summary, the article addresses situations where a homeowner’s mortgage may have been sold or reassigned between several different companies and, therefore, the original mortgage note and mortgage executed by the homeowner cannot be located. If there is no evidence of a mortgage note or mortgage having been executed by the homeowner, then the bank or lending facility may have a challenge to actually prove indebtedness. The article below...

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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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