Section 450.4910 – Merger; Limitation.
450.4910 Merger; limitation. Sec. 910. A professional limited liability company may merge only with other limited liability companies whose members and managers are licensed persons permitted to be members or managers under this article or other entities that are licensed persons or whose shareholders, partners, or other owners, members, or managers are licensed persons permitted […]
Section 450.4901 – Limited Liability Company; Rendering Professional Services; Applicability of Article.
450.4901 Limited liability company; rendering professional services; applicability of article. Sec. 901. (1) A limited liability company formed to render 1 or more professional services, as defined in section 902 may be organized under this article as a professional limited liability company. (2) A limited liability company formed as a professional limited liability company and […]
Section 450.4902 – Definitions.
450.4902 Definitions. Sec. 902. As used in this article: (a) “Licensed person” means an individual who is licensed or otherwise legally authorized to practice a professional service by a court, department, board, commission, or an agency of this state or another jurisdiction, any corporation or professional services corporation all of whose shareholders are licensed persons, […]
Section 450.4903 – Professional Limited Liability Company; Purpose Stated in Articles of Organization; Name.
450.4903 Professional limited liability company; purpose stated in articles of organization; name. Sec. 903. (1) One or more licensed persons may organize and become members of a professional limited liability company. (2) The articles of organization of a professional limited liability company shall state, as its purposes, that the company is formed to render specified […]
Section 450.4904 – Rendering Professional Services; Organization of Professional Liability Company or Professional Limited Liability Company; License or Legal Authorization of Persons Required.
450.4904 Rendering professional services; organization of professional liability company or professional limited liability company; license or legal authorization of persons required. Sec. 904. (1) Except as provided in this section or otherwise prohibited, a professional limited liability company may render 1 or more professional services, and each member and manager must be a licensed person […]
Section 450.4905 – Professional Limited Liability Company; License Required; “Employee” Explained; Effect of Act on Laws Applicable to Professional Relationship and Liabilities; Liability for Negligent or Wrongful Acts.
450.4905 Professional limited liability company; license required; “employee” explained; effect of act on laws applicable to professional relationship and liabilities; liability for negligent or wrongful acts. Sec. 905. (1) A professional limited liability company shall not render professional services within this state except through its members, managers, employees, and agents who are licensed or otherwise […]
Section 450.4906 – Disqualification, Restriction, or Limitation on Persons Rendering Professional Service; Severing Employment and Financial Interest; Noncompliance.
450.4906 Disqualification, restriction, or limitation on persons rendering professional service; severing employment and financial interest; noncompliance. Sec. 906. If a member, manager, employee, or agent of a professional limited liability company becomes legally disqualified to render the professional services rendered by the company or accepts employment that, pursuant to existing law, places restrictions or limitations […]
Section 450.4907 – Professional Limited Liability Company; Prohibited Activities; Exception.
450.4907 Professional limited liability company; prohibited activities; exception. Sec. 907. (1) A professional limited liability company shall not engage in any business other than the rendering of the professional services for which it was specifically organized. (2) This act does not prohibit the company from investing its funds in real estate, mortgages, stocks, bonds, or […]
Section 450.4908 – Sale or Transfer of Membership Interest; Restrictions.
450.4908 Sale or transfer of membership interest; restrictions. Sec. 908. (1) A membership interest in a professional limited liability company shall not be sold or transferred except to a person who is eligible to be a member of the company or to the personal representative or estate of a deceased or legally incompetent member. The […]
Section 450.4909 – Annual Report; Filing Fee; Penalty for Late Filing.
450.4909 Annual report; filing fee; penalty for late filing. Sec. 909. (1) In addition to the annual statement required in section 207(3), a professional limited liability company shall file with the administrator an annual report, together with a $50.00 filing fee, listing the names and addresses of all members and managers and certifying that each […]