The Michigan Policy Statement of Professional Service Corporations and Limited Liability Companies (the PESCSC/LLC”) is a document that outlines the laws and regulations that apply to professional service corporations and limited liability companies in Michigan. The statement provides guidance for business owners and their advisors in setting up and running a business in Michigan. It sets out the requirements for tax filing, reporting, and other regulatory compliance. It also covers the formation of LCS and PSC's, as well as the formation and operation of professional service contracts, such as physician contracts, attorney contracts, and other professional services. There are two types of the Michigan Policy Statement of Professional Service Corporations and Limited Liability Companies: The Corporate Policy Statement (CPS) and the Limited Liability Company Policy Statement (LL CPS). The CPS outlines the laws and regulations that apply to professional service corporations in Michigan, while the LL CPS outlines the requirements for limited liability companies in Michigan. Both documents provide the necessary guidance for business owners and their advisors to properly set up and operate a business in Michigan.
Michigan Policy Statement of Professional Service Corporations and Limited Liability Companies
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FAQ
Sec. 281. (1) A corporation must incorporate as a professional corporation under this chapter if it is incorporated to provide 1 or more services in a learned profession, whether or not it is providing other professional services.
What is a Michigan PLLC? A Michigan PLLC is a limited liability company (LLC) formed specifically by people who will provide Michigan licensed professional services. LLCs in general are businesses registered with the state that consist of one or more people?called LLC members?who own the business.
A Michigan PLLC is a limited liability company (LLC) formed specifically by people who will provide Michigan licensed professional services. LLCs in general are businesses registered with the state that consist of one or more people?called LLC members?who own the business.
While there's no legal requirement to hire an attorney when forming an LLC, it's a good idea to speak to a business lawyer to confirm whether it's the right business structure for your circumstances.
(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 professional services.
There is no state law in Michigan that requires LLCs to have an operating agreement.
A Michigan limited liability company (LLC) is a relatively new type of corporate entity. It is authorized by the Michigan Limited Liability Company Act (Michigan Compiled Laws Section 450.4101) and combines the limited liability advantages of a Michigan corporation with the tax advantages of a general partnership.