Section 450.5005 – Inaccurate Application; Correcting Statement; Certificate; Exception; Survivor of Merger; Certificate Attesting to Merger; Annual Statement.
450.5005 Inaccurate application; correcting statement; certificate; exception; survivor of merger; certificate attesting to merger; annual statement. Sec. 1005. (1) If any statement in the application for certificate of authority of a foreign limited liability company was false when made or any arrangements or other facts described have changed, making the application inaccurate in any respect, […]
Section 450.5006 – Certificate of Withdrawal; Contents, Form, Manner, and Execution of Application.
450.5006 Certificate of withdrawal; contents, form, manner, and execution of application. Sec. 1006. (1) A foreign limited liability company authorized to transact business in this state may withdraw from this state upon receiving from the administrator a certificate of withdrawal. In order to obtain the certificate, the foreign limited liability company shall file an application […]
Section 450.5007 – Foreign Limited Liability Company; Transacting Business Without Certificate of Authority.
450.5007 Foreign limited liability company; transacting business without certificate of authority. Sec. 1007. (1) A foreign limited liability company transacting business in this state without a certificate of authority shall not maintain an action, suit, or proceeding in a court of this state until it has obtained a certificate of authority. This prohibition applies to […]
Section 450.5008 – Activities Not Considered to Be Transacting Business in State; Applicability of Section to Other State Laws.
450.5008 Activities not considered to be transacting business in state; applicability of section to other state laws. Sec. 1008. (1) Without excluding other activities that may not constitute transacting business in this state, a foreign limited liability company is not considered to be transacting business in this state, for the purposes of this act, because […]
Section 450.5009 – Making or Purchasing Loans or Participation or Interest in Loans.
450.5009 Making or purchasing loans or participation or interest in loans. Sec. 1009. (1) A foreign limited liability company may acquire or, through another person entitled to transact business in this state, may make loans, or participations or interests in loans, insured or guaranteed in whole or in part by the federal housing administration or […]
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 450.4808 – Winding Up; Distribution of Assets; Order; Filing Tax Returns and Paying Tax Obligations.
450.4808 Winding up; distribution of assets; order; filing tax returns and paying tax obligations. Sec. 808. (1) Upon the winding up of a limited liability company, the assets shall be distributed in the following order: (a) To creditors, including members who are creditors, to the extent permitted by law, in satisfaction of liabilities of the […]