Lara Corporation Division (2024)

FAQs

What happens if an LLC is not in good standing in Michigan? ›

If your Michigan LLC has lost its good standing, you can still do business in Michigan. However, you won't be able to file any other paperwork with LARA – not even to dissolve your Michigan LLC. After two years, your Michigan LLC's name will become available for other businesses to use.

In Michigan, every LLC must file an annual statement each year. The Michigan Department of Licensing and Regulatory Affairs will send you a pre-printed annual statement form approximately three months before the due date.

The availability of a name for a limited partnership, a limited liability company, or a corporation may be checked by visiting the website, contacting the Business Services Section of the Corporations Division by mail, telephone or in person at our office.

You can use the business entity search managed by the Michigan Department of Licensing and Regulatory Affairs.

Once an entity loses its good standing status, it risks losing the right to use its name in the state. Other companies may be able to acquire the rights to their name while a company is sidelined due to loss of good standing. Administrative dissolution or revocation.

File your Michigan LLC's Annual Report every February 15th . You need to file it with the state every year. The Annual Report may be submitted on or before February 15, as long as within ninety (90) days prior the due date .

Michigan LLC Cost. Forming an LLC in Michigan costs $50—the state fee to file the Michigan Articles of Organization. You'll also need to pay a $25 annual report fee every year to keep your LLC active.

If you're a multi-member LLC you are taxed as a partnership and file Form 1065, if filing is required. Every Michigan limited liability company is required to file an Annual Statement each year which is due February 15 each year, with a filing fee of $25.

The maximum duration of the limited liability company is perpetual unless otherwise provided in the articles of organization. History: 1993, Act 23, Eff. June 1, 1993;Am. 1997, Act 52, Imd.

Is Michigan tax ID the same as EIN? ›

5. Are State Tax ID Numbers and Federal EIN the Same Thing? You might be confused about whether state tax ID numbers and federal tax ID numbers are the same thing. The short answer is no, these are different numbers, though they share some similarities.

You can name your LLC after yourself, but whether you “should” is your judgment call. It's a legal option. And if your business reputation is already wrapped up in your personal brand, it might be a good choice. But it can hamper some of your future possibilities, so this shouldn't be taken lightly.

Establishing an LLC in Michigan will require filing the Articles of Organization, obtaining business licenses and permits, and registering for an employer identification number (EIN). You can file the Michigan Articles of Organization online and your paperwork may be approved in as little as 15 minutes.

If you want to do business around the Great Lakes, consider a Michigan LLC. The state's low cost of filing, local funding opportunities and small business resources make it a great place to live and work. By forming an LLC in Michigan, you can take advantage of all the business advantages the state has to offer.

Use Business Entity Search. Search by one of the following: entity name, identification number, filing number, or by an individual's name. Click the search button. Choose the desired result by clicking the hyperlink of the entity's name to display a summary screen of the entity's information.

You may have to continue paying company taxes or file annual reports if you fail to dissolve your Michigan LLC. Many factors influence the time and difficulty of dissolving an LLC in Michigan, such as the entity size, debts, assets, tax situation, the industry, and state requirements.

In a Chapter 7 business bankruptcy, the LLCs assets are sold and used to pay the LLC's creditors. After the bankruptcy, the LLC's remaining debts are wiped out and the LLC is no longer in business. The LLCs owners are generally not responsible for the LLCs debts.

Consequences of Non-Compliance: If you don't file the required tax return or pay the annual fee, the LLC may face penalties and interest on unpaid taxes. Additionally, the state could administratively dissolve your LLC if these obligations remain unfulfilled for an extended period.

The general rule is that members of an LLC enjoy limited liability and cannot be sued personally for activities or debts of the LLC. In other words, the “corporate veil” of the LLC legal structure protects its members from personal liability.