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To create such a statute, legislation must be passed that amends the state's general limited liability company (LLC) law. [23] Note that a business can operate as an L3C within a state that does not have an L3C statute by incorporating in a state that does have an L3C statute and filing as a foreign firm doing business. [22]
The department, as the Department of Commerce, was formed in 1965 by Section 225 of the Executive Organization Act of 1965, 1965 PA 380, MCL 16.325.The Michigan Department of Licensing and Regulation was abolished with most responsibilities transferred to the newly formed Department. [1]
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
The Small Business Association of Michigan (SBAM) is a non-profit association that consists of Michigan-based businesses with 500 or fewer employees. Founded in 1967 by Richard B. Sanford in Kalamazoo, Michigan , it is now headquartered in Lansing , United States .
*Note: this list includes joint-ventures based in Michigan, subsidiaries of Michigan-based companies also located in Michigan, and companies based in Michigan currently owned or controlled by private equity, venture capital, or other similar entities. Below is a separate list of outside companies with a significant presence in Michigan.
Finally they file the amended articles of incorporation with the secretary of the state. [39] If the prior entity is an LLC or partnership there is an extra step required. For these entities the articles of incorporation themselves and the related bylaws must first be prepared and filed with the state secretary.
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