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The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. As a business entity, an LLC is often more flexible than a corporation and may be well-suited for companies with a single owner. [5]
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]
While one state may charge hundreds of dollars to set up an LLC, others may charge as little as $25, says Parker. He points to Michigan and New Mexico as particularly low-cost states.
A low-profit limited liability company (L3C) is a legal form of business entity in the United States. [1] Commonly referred to as a hybrid structure, it has characteristics of both for-profit and non-profit entities. [1]
“The Michigan Innovation Fund will be a key component to the state’s economic ecosystem by supporting entrepreneurs to create the next great Michigan business,” state Rep. Greg VanWoerkom ...
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