Amendments to the Michigan Limited Liability Act

A limited liability company is a form of corporate entity that the attorneys at Traverse Legal assist clients with on a daily basis.  Under the Michigan Corporations Act, there are options for creating your company as a corporate entity, and the most popular corporate entity is the Michigan Limited Liability Company.  It is essentially a partnership that is treated like a corporation and that insulates the individuals from personal liability.

Play: Amendments to the Michigan Limited Liability Act
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With: Mark Clark

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Why a Michigan Limited Liability Company (LLC)?

Why select a Michigan Limited Liability Company over a corporation or other business entity such as limited partnership or general partnership?  All good questions which deserve explanation and answer.  The following are some general observations concerning the benefits of forming a limited liability company (LLC) in Michigan and reasons why you may want to consider forming the Michigan LLC over other available types of entities for your business. Consider the following in deciding whether to form a Michigan limited liability company.

If you have questions about starting a Limited Liability Company, you should contact one of our corporate attorneys for a free evaluation or call 866.936.7447 (International Toll Free).

Corporate Formation Issues For Internet Entrepreneurs

Anyone beginning a new business venture or is doing business as a sole proprietorship should consider forming a limited liability company (LLC). Business formation is an important decision. The limited liability company is a blend of the best characteristics of corporations, partnerships and sole proprietorships with liability protection for the owner or owners. Listen to Traverse Legal Attorney Mark Clark in this radio interview as he discusses the reasons entrepreneurs might consider creating a limited liability company and its benefits such as the simplicity of operation, tax advantages and personal protection that it provides to the small business owner in Michigan and nationwide.

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Changes to the Limited Liability Company Act

In December 2002, Michigan amended the Michigan Limited Liability Company Act. Key provisions of the amendments include:

Michigan Limited Liability Act

Limited Liability Company

A limited liability company is a business formed by an organizer who may, but need not be a member. It is a business entity separate from its members and liability is limited to the financial contribution made by the member. The members are the owners of the company. The management of the company is carried out by its members, unless the Articles of Organization provide for management by managers. Governance is set forth by the Articles of Organization or operating agreement. A limited liability company is formed by filing the Articles of Organization (form BCS/CD-700) with the Bureau. Michigan Limited Liability Act

AN ACT to provide for the organization and regulation of limited liability companies; to prescribe their duties, rights, powers, immunities, and liabilities; to prescribe the powers and duties of certain state departments and agencies; and to provide for penalties and remedies.

Michigan Limited Liability Act - State Of Michigan Statute