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 […]
Section 450.4803 – Dissolution; Action by Attorney General; Grounds; Other Actions Not Excluded.
450.4803 Dissolution; action by attorney general; grounds; other actions not excluded. Sec. 803. (1) The attorney general may bring an action in the circuit court for the county in which the registered office of a limited liability company is located for dissolution of the limited liability company on the ground that the company has committed […]
Section 450.4804 – Certificate of Dissolution; Filing; Contents.
450.4804 Certificate of dissolution; filing; contents. Sec. 804. (1) When it begins winding up its affairs, a limited liability company that dissolves under section 801(b) or (c) shall execute a certificate of dissolution as provided in section 103 and file the certificate with the administrator. The certificate of dissolution shall contain all of the following: […]
Section 450.4805 – Winding Up by Managers, Members, or Circuit Court; Procedures; Right to Maintain Actions.
450.4805 Winding up by managers, members, or circuit court; procedures; right to maintain actions. Sec. 805. (1) Except as otherwise provided in the articles of organization, an operating agreement, or this section, the members or managers that have not wrongfully dissolved a limited liability company may wind up the company’s affairs, but the circuit court […]
Section 450.4806 – Dissolution; Notice to Existing Claimants; Contents; Validity of Claim Not Recognized; Claims Barred Under Certain Conditions; “Existing Claim” Defined; Effective Date of Notice.
450.4806 Dissolution; notice to existing claimants; contents; validity of claim not recognized; claims barred under certain conditions; “existing claim” defined; effective date of notice. Sec. 806. (1) The dissolved limited liability company may notify its existing claimants in writing of the dissolution at any time after the effective date of the dissolution. The written notice […]
Section 450.4807 – Dissolution; Publication of Notice; Requirements; Commencing Proceeding to Enforce Claims; Claimants With Known Existing Claims Not Receiving Notice.
450.4807 Dissolution; publication of notice; requirements; commencing proceeding to enforce claims; claimants with known existing claims not receiving notice. Sec. 807. (1) A dissolved limited liability company may also publish notice of dissolution and request that persons with claims against the company present them in accordance with the notice. (2) The notice shall be in […]