Limited Liability Company / LLC

Michigan Limited Liability Company, or the "LLC"

 

The difference between the LLC and the corporation is a matter of "not much" in most cases.  A simple corporation is a separate 'legal person', or entity, and therefore (love those lawyer-like words, 'therefore') is required to file its own tax forms.  The LLC is a state version of the federally approved Subchapter S corporation.  Talk to your CPA about the form of business entity you want.  As far as protecting your assets is concerned the LLC will protect your assets from the negligence of someone else, just like the corporation.  However, like the corporation, the LLC banker will probably make you sign any loan papers personally.

 

Address change:  The Corporation Division takes filings for the LLC.  Its "walk-in" office, if you want to hand carry your forms to the state,  and phone number are now different than those stated on the form.  The new address, use only if you want to personally file the paperwork, is now: 2501 Woodlake Circle, Okemos, Michigan.  The place is really nice and deserves the street name "Woodlake Circle".  The new phone number is (517) 241-6470.  The mailing address for the P.O. Box is still the same one used on the form.  Use the P.O. Box address if you are mailing the paperwork in to the state.  The new phone number is (517) 241-6470.  

 

Is your chosen name for your LLC available or does someone else have it.  Call in advance before you make out your paperwork and before you send the state your filing fee..

 

 

 

LLC Operating Agreement

The I.R.S. does not like the state version of the federal Subchapter S corporation.  They do  have some hoops for you to jump through in order to be an LLC for federal tax purposes.  The I.R.S., for example, requires an "Operating Agreement" to be in place.  You cannot have an LLC for federal tax purposes without an Operatiing Agreement.

 

If you would like an attorney to help you with the paperwork for an LLC and the drafting of a customized Operating Agreement contact David Justian, Attorney at Law, at his e-mail address:  by clicking on Freelaw@lawthing.com on the left side of this screen.  The fee for this legal service is $75.00.

http://www.dleg.state.mi.us/bcsc/forms/corp/llc/701.pdf