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 […]
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 450.4707 – 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 […]