Michigan Stock Package
Description
How to fill out Stock Package?
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FAQ
The State of Michigan requires all dealerships to maintain no-fault insurance with limits of 20/40/10 that covers for ?any vehicle? or ?all vehicles owned?.
It's possible to register for a dealer license at your home address and property. But in order to do so, the property must be a building that (1) meets zoning requirements, (2) meets DMV requirements, and (3) is not the dealer's primary residence.
How much does a dealer license cost in Michigan? Michigan auto dealers must pay a $75 application fee to receive a license. Dealers also need to get a surety bond which can cost as low as $100.
Starting a business corporation in Michigan Choose the business entity type. ... Choose a name for the company. ... Create folders to hold corporate records and documents. ... Obtain a Federal Employer Identification Number (FEIN). ... Obtain an Unemployment Insurance Account (UIA) number.
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.
Corporate bylaws are required in Michigan. ing to MI Comp L § 450.1231, ?the initial bylaws of a corporation shall be adopted? at the first organizational meeting following incorporation. In other words, bylaws are legally necessary to form a corporation in Michigan.
Getting Your Michigan Dealer License Identify which type of license you need. ... Register your business. ... Establish a location for the business. ... Complete a training program to sell used or new vehicles. ... Obtain a surety bond and insurance. ... Gather your documents and submit the application.
If you are obtaining an Ohio dealers license in the State of Ohio you are required to have a display lot to display the vehicles that you are selling. The State requires a dealer to have at least a 3,500 square foot lot.