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 450.4707 – Conversion of Domestic Partnership or Domestic Limited Partnership to Limited Liability Company.
450.4707 Conversion of domestic partnership or domestic limited partnership to limited liability company. Sec. 707. (1) A domestic partnership or domestic limited partnership may convert to a limited liability company in accordance with this section. (2) The terms and conditions of a conversion under this section shall be approved by the partners in the manner […]
Section 450.4708 – Conversion Into Business Organization; Requirements; Effectiveness of Certificate of Conversion; Foreign Business Organization as Surviving Business Organization; “Business Organization” and “Entity” Defined.
450.4708 Conversion into business organization; requirements; effectiveness of certificate of conversion; foreign business organization as surviving business organization; “business organization” and “entity” defined. Sec. 708. (1) A domestic limited liability company may convert into a business organization if all of the following requirements are satisfied: (a) The conversion is permitted by the law that will […]
Section 450.4709 – Conversion of Business Organization Into Domestic Limited Liability Company; Requirements; Effectiveness of Certificate of Conversion.
450.4709 Conversion of business organization into domestic limited liability company; requirements; effectiveness of certificate of conversion. Sec. 709. (1) A business organization may convert into a domestic limited liability company if all of the following requirements are satisfied: (a) The conversion is permitted by the law that governs the internal affairs of the business organization, […]
Section 450.4801 – Dissolution and Winding Up; Conditions.
450.4801 Dissolution and winding up; conditions. Sec. 801. A limited liability company is dissolved and its affairs shall be wound up when the first of the following occurs: (a) Automatically, if a time specified in the articles of organization is reached. (b) If a vote of the members or other event specified in the articles […]
Section 450.4802 – Dissolution; Decree by Circuit Court.
450.4802 Dissolution; decree by circuit court. Sec. 802. Upon application by or for a member, the circuit court for the county in which the registered office of a limited liability company is located may decree dissolution of the company whenever the company is unable to carry on business in conformity with the articles of organization […]