Michigan Limited Liability Company Definition
Michigan Limited Liability Company
DEFINITION
A limited liability company is a business formed by an organizer who may but need not be a member. It is a business entity separate from its members and liability is limited to the financial contribution made by the member. The members are the owners of the company. The management of the company is carried out by its members, unless the Articles of Organization provide for management by managers. Governance is set forth by the Articles of Organization or operating agreement. A limited liability company is formed by filing the Articles of Organization with the Michigan Secretary of State.
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