449.301 Partnership associations; formation; capital stock; articles of association, contents, recording, certification. Sec. 1. When any 3 or more persons may desire to form a partnership association, for the purpose of conducting any lawful business or occupation within the United States or elsewhere, whose principal office or place of business shall be established and maintained […]
449.302 Partnership associations; liability of members; labor debts. Sec. 2. The members of any such partnership association shall not be liable under any judgment, decree, or order which shall be obtained against such association, or for any debt or engagement of such company, further or otherwise than is hereinafter provided, that is to say: if […]
449.303 Partnership associations; limited as last word in name; effect of omission. Sec. 3. The word “limited” shall be the last word of the name of every partnership association formed under the provisions of this act; and every such association shall paint or affix, and shall keep painted or affixed, its name on the outside […]
449.304 Partnership associations; interest, transfer; death of member, effect; scope, limitation. Sec. 4. Interest in said association shall be personal estate, and may be transferred under such rules and regulations as the association may prescribe, but no transferee of any interest, or the representatives of any decedent, or of any insolvent shall be entitled thereafter […]
449.305 Partnership associations; meetings, notice; managers; debts and liabilities; rules. Sec. 5. There shall be at least 1 meeting of the members of the association in each year, written notice of which shall be duly served on each member of the association 10 days prior to said meeting, at 1 of which there shall be […]
449.306 Partnership associations; division of profits, impairment of capital. Sec. 6. The association may, from time to time, divide the profits of its business in such manner and in such an amount as a majority of its managers may determine, which profits so divided shall not at the time diminish or impair the capital of […]
449.307 Partnership associations; loan of credit, name or capital, interest. Sec. 7. It shall not be lawful for such association to loan its credit, its name, or its capital to any member of said association, and for such loan to any other person or association, the consent in writing of a majority in number and […]
449.308 Partnership associations; dissolution, conditions. Sec. 8. Such association may be dissolved: First, Whenever the period fixed for the duration of the association expires. Second, Whenever, by vote of a majority in number and value of interest it shall be so determined, and notice of such winding up shall be given by publication in 2 […]
449.309 Partnership associations; dissolution, distribution of property. Sec. 9. When any such partnership association shall be dissolved by the voluntary action thereof, its property shall be applied and distributed as follows: First, To the payment of all debts for wages of labor; Second, To the satisfaction of its other liabilities and indebtedness; Third, After payment […]
449.310 Partnership associations; real estate, ownership and conveyance; service of process. Sec. 10. All real estate owned or purchased by any association, created under and by virtue of this act, shall be held and owned and conveyance thereof shall be made in the association name; said association shall sue and be sued in their association […]
449.311 Saving clause. Sec. 11. That no amendment, modification, or repeal of this act shall affect anything duly done, right acquired, liability incurred or penalty, forfeiture or other punishment incurred or to be incurred, in respect of any offense against the provisions of this act before such amendment, modification, or repeal comes into operation. History: […]
449.312 Partnership associations; franchise fee to accompany articles of association; void contracts; specific tax. Sec. 12. Every such partnership association organized after this act takes effect, shall at the time of recording its statement in writing, or articles of association, pay to the secretary of state a franchise fee of 1/2 of 1 mill upon […]
449.313 Partnership associations; annual report; time, contents, blanks, examination, filing; failure, duties of attorney general; dissolution notice; penalties, collection. Sec. 13. Every partnership association heretofore or hereafter organized under this act shall annually, in the month of January or February, make duplicate reports for the fiscal year last ending, of such association, on suitable blanks […]
449.314 Existing associations; articles, filing; penalty; franchise fee. Sec. 14. Every partnership association heretofore organized, is required to file a copy of its statement in writing or articles of association, verified by the oath of the secretary of the board of managers or certified by the register of deeds of the county in which said […]
449.315 Existing associations; articles, amendment, procedure; evidence. Sec. 15. Every association organized or existing under the provisions of this act may, at any annual meeting or any meeting duly called for that purpose by a resolution adopted by a vote of 2/3 in value of interest of its capital stock, amend its articles of association […]
449.316 Existing associations; reorganization as corporation, procedure; franchise fee; period of existence. Sec. 16. Every partnership association now existing, organized under Act No. 191 of the Public Acts of 1877, as amended, being chapter 160 of the Compiled Laws of 1897, may at any time reorganize under any act providing for the incorporation of companies […]
