The first order of things when filing a Michigan LLC is to name your business. As you choose a name, make sure to add ‘Limited Liability Company’, ‘L.L.C.’ or ‘LLC’ to the actual name as a state-required regulation.
In addition, the name should also be easily distinguishable from other business entities registered with the Department of Licensing and Regulatory Affairs of Michigan.
The Michigan LLC name can be checked for validity using the Michigan business name search tool. Michigan LLC name reservation can be made valid for 6 months using the Application for Reservation of Name. A $25 filing fee should be paid.
When starting an LLC in Michigan, retaining the services of a Michigan Registered Agent is required by the state. The details of the Registered Agent will be included when an Articles of Organization is filed.
The MI LLC Registered Agent is a Michigan resident or a business entity allowed to conduct business within the state, with a physical street address in Michigan. Most importantly, the Registered Agent should agree to accept service of process in behalf of the company prior to designation.
To officially register an LLC in Michigan, an Articles of Organization should be filed to the Bureau of Commercial Services of the Michigan Department of Licensing and Regulatory Affairs.
Information such as LLC name, address, as well as the LLC’s appointed Registered Agent and its accompanying details will be provided in the form when doing the Michigan LLC filing. You can email your application or through the postal office.
Fee for filing the LLC: $50
An Employer Identification Number serves as your LLC’s identification number. Basically almost all transactions and operations of your LLC from now hereon will require your LLC EIN.
A unique nine-series number, make sure that you have a Michigan EIN even if you are not hiring employees for your business. You can check the IRS website to process an EIN for free.
By opening a separate business bank account for your LLC, your personal and business finances will be seen as separate by the state of Michigan. This step is all about protecting your personal assets and it should not be take lightly!
There are many options available from Bank of America to Chase. For a quick outline of the best place to open a business bank account, see this quick review.
Once you are done with the five basic steps above, you are now an official Michigan LLC. So you can fulfill the obligations to operate as a legal LLC in Michigan, here are some additional requirements for you to accomplish.
With the right business planning, your startup can become a thriving business that can withstand changing business trends and competition. The right planning involves a great business plan.
When starting a Michigan business, writing a business plan helps you identify the essential business elements and come up with specialized tactics that can help your Michigan LLC overcome challenges and failures.
If you’re ready to write a business plan now, make use of the resources below to make the task easier.
Taking care of Michigan LLC tax and license requirements is essential to smooth running business operations. When incorporating an LLC in Michigan, you have to understand that taxes and licenses are a part and parcel of running a small business.
There are different kinds of Michigan LLC tax types your business may need to file, so keep tab of all the necessary requirements. Use our Michigan Business Taxes guide to make the task more manageable.
Aside from business taxes that need to be filed when starting an LLC in Michigan, you also have to obtain the required Michigan business licenses for your startup. Michigan business license requirements vary from state to state and the local government. To have an overview of common licenses that apply to your business, refer to the Michigan Business Licenses and Regulations guide.
As part of the requirements of maintaining an LLC in Michigan, business owners are required to file for an Annual Report to the Michigan Department of Licensing and Regulatory Affairs by February 15 of each year.
LLCs formed later than September 30 or a foreign LLC authorized to conduct business after the September 30 mark does not have to file for the February 15 date immediately following its formation or approval to operate.
A preprinted CSCL/CD-2700 form, which is the annual report form, is sent to your Michigan LLC Registered Agent three months before the due date of the annual report. The Annual Report can be filed online or through mail application. The required filing fee is $25.
An LLC Operating Agreement is an LLC document that determines the percentage of each owner and his responsibilities in the company. In addition, the Operating Agreement also states each owner’s profits and losses.
Even though this document is not an official requirement of the state when filing an LLC, it is vital to create one. A ready Rocket Lawyer Operating Agreement is available for modification so you can perfectly customize for your LLC.
To be able to compete with existing businesses, you need to have a professional website to build trust with your potential customers. Rather than spending thousands on a custom design or learning how to code, look into WordPress.
WordPress is a great free platform that helps you start and customizable a website for your Michigan LLC. Learn how with this step-by-step guide.
This guide is just an informational article to help you on how to form an LLC. This should not be taken as a legal document. Always consult the expertise of a business lawyer for an in-depth discussion on starting an LLC in Michigan or about Michigan LLC businesses in general.