Posts Tagged "Liability"

Ice and Snow Should Concern Property Owners

Posted by on Feb 20, 2015 in Business General Counsel, Litigation, Real Estate | 0 comments

Ice and snow on publicly accessed property should be of concern to property owners. A decision in 2014 by the Michigan Court of Appeals brought clarification to what has been known as the open and obvious doctrine which applies to parties that are injured when on the property of another.  With certain exceptions, the open and obvious doctrine held that a party cannot collect for damages when they are injured as a result of a property defect that was “open and obvious” to that individual.  For example it would be difficult to collect for injuries sustained when one steps into a...

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Jointly Held Property: Good or Bad Idea?

Posted by on Jun 15, 2013 in Litigation, Probate, Real Estate, Tax | 0 comments

A frequent question that comes to us as lawyers is whether or not it is a good idea to maintain jointly held property.  The context of these issues often relate to situations where parents want to put their children’s name on their bank accounts or where siblings hold real estate jointly that once belonged to parents.  These questions about jointly held property come up with regard to all different types of property such as investment accounts, bank account, real property and even interests in debt where a party or parties are owed money pursuant to a promissory note.  Frequently the...

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Investment News: Three Elderly Clients Kidnap Investment Advisor

Posted by on May 30, 2012 in Securities Arbitration | 0 comments

Investment News has an interesting article about how three elderly clients kidnapped their investment adviser, held him hostage and beat him while apparently trying to get their money back.  According to the article the trio had lost some $3.6 billion in real estate investments. Click the headline to read the entire article:  Elderly clients convicted of kidnapping, beating adviser The securities arbitration lawyers at Penzien & McBride, PLLC certainly do not suggest that investors go to such length to get their money back.  If you have lost money because of your investment adviser...

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Business Owners’ Biggest Legal Concerns

Posted by on May 2, 2012 in Business General Counsel, Business Planning | 1 comment

We are interested to hear from business owners on this topic.  What is your biggest concern related to the legal issues of your business? Human Resources and employee matters Record keeping and retention Taxes Government compliance Collecting from customers Being sued by customers Understanding contracts with customers and vendors Banking issues and loan covenants Raising funding through less traditional methods (venture capital or angel investors) Passing the business down to the next generation Shielding personal assets from your business liabilities (or vice versa) The fear that there is...

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Personal Liability for Certain Corporate Tax Debts

Posted by on Jun 16, 2011 in Business Planning, Federal Taxes | 0 comments

Some business owners incorporate, or form an LLC, in order to gain credibility for their business ventures.  The real reason for forming a corporation (or LLC), however, is the separation of personal assets from business debts, and business assets from personal debts.  This concept is often called the “corporate veil”.  But certain activities can pierce the corporate veil and subject the owners and managers of the business to personal liability for debts of the corporation/LLC. An unfortunate fact of life for many business owners and managers is the occasional cash-flow crunch.  Prioritizing...

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