Blog — Family Business

Wednesday, February 3, 2010

In today's difficult economic climate, businesses and their owners face increase risk of being sued. Given this risk, business owners should do all they can to minimize exposure of their personal assets with respect to possible liability resulting from these lawsuits.

Typically, incorporating a business is an effective means of protecting a business owner's personal assets from exposure to claims against his/her business. However, simply incorporating the business alone will not protect personal assets if the business has not complied with the formalities and requirements that the law requires of a corporation. When a business owner neglects those requirements,...

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Wednesday, February 3, 2010

Blog Added to Our New Cottage Law & Cottage Succession Planning Website!

We've added a blog to our new cottage law website to post additional information about cottage succession planning, and for cottage family members to post their favorite memories of time spent at the family cottage. Please stop by and share your own favorite cottage memories!

Visit our new Cottage Law website at www.Cottage-Law.com for important information on sale, purchase, tax and succession planning issues for cottages, second homes and similar properties.

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Tuesday, January 26, 2010

Reminder:

You will soon receive your "2010 Notice of Assessment for Michigan Real Property"

This notice provides valuable information to determine whether a Property Tax Appeal is appropriate.

We can help answer your questions ....

"What do I do with my assessment notice?"

"When can I file an appeal?"

"How do I get through the appeal process?"

We can help answer these questions and more!

Please contact us at 231.271.4500 to assist you in reviewing your Michigan property assessment.

Dan A. Penning

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Tuesday, January 26, 2010

You're invited!

Please visit our new Cottage Law website at www.Cottage-Law.com for important information on sale, purchase, tax and succession planning issues for cottages, second homes and similar properties.

Visit www.Cottage-Law.com Today!

We'd love to know what you think of the website and value your comments and input of additional information you would like added to our new Cottage Law website!

Thanks,

Dan Penning

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Tuesday, January 19, 2010

If you're like me, you received any number of gift cards this past holiday season. Looking at the handful of gift cards I received, it occurred to me that I might just hold onto them until I needed something from a particular store. But, having heard that the sales reports for this past holiday season didn't quite meet projections, I quickly asked myself, "What happens to my card if a store goes out of business or files bankruptcy?" Doing some quick research, I learned that consumers lost an estimated $8-10 billion in gift cards due to stores going out of business in 2008. How does this happen?

I discovered that the purchaser of a gift card is essentially loaning the issuing...

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