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If I have a satellite site with content constantly renewed, and within each new content, there is a link to a target URL, for passing link juice. Will I get a penalty from Google for that?

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No, you cannot get any penalties from links to your site (otherwise it would be easy for competitors to harm you). However, if Google decides the satellite site is of little value or the content is spam, the links may only give you little or no value. They may be classed in the same vein as "footer links" which tend to have low value.

Edit: An update by Google a little while back has confirmed that links from very spammy sites could harm your ranking. This is still pretty rare and not something you really need to worry about.

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Yes, you can penalties from links to your sites, see the answer I am about to create (or tshikatshikaaa.blogspot.com/2012/05/… for more details). –  JVerstry May 16 '12 at 8:16
    
just for the sake of clarity: at the time of the original answer this was not possible, but with the latest Google updates it now became possible. –  milo5b Aug 29 '12 at 18:29

This is not normally a problem and it's something that's commonly done. For example, one client I did some work for had a charitable .org website where every post linked back to the main corporate website or to a sponsor. You can even see this in action on stackexchange websites in the footer and sidebar links. The value of these links may not be as strong as other links from unrelated sites but they won't hurt you.

There can be certain situations where certain shady and deceptive practices might lead to an algorithmic and/or manual penalty but these are quite difficult to trigger by accident. One example is what I call the "NY Times Penalty" where the SEO practices of a big name company get exposed in the press and Google manually takes action against them.

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The accepted answer to this question may have been correct at the time, but it is clearly now wrong. On April 24, 2012 Google released a new algorithm which they called "penguin" which targeted web spam. Part of the algorithm was focused on bad inbound links to a site.

It is now the case that inbound links to your site that are spammy can hurt your site.

To lessen the impact of "negative SEO" where a competitor creates spammy links pointing at your site, Google has released a disavow links tool that lets you report to Google any links that are poor quality but which you are not responsible for creating.

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