* The name shall contain the word “Corporation”, “Company”, “Incorporated”, or “Limited”, or the abbreviation. The name shall not indicate that the corporation was formed for a purpose other than one or more of the purposes permitted in the articles. The name shall be distinguishable from the corporate name of domestic or foreign corporations, domestic or foreign limited partnerships, or currently reserved names. The name cannot use words “Bank,” “Industrial Bank,” “Deposit,” “Surety,” “Security,” “Trust,” or “Trust Company.
Articles of Incorporation Requirements
- Minimum Number – One or more.
- Residence Requirements. – No provision.
- Age Requirements – None.
- Directors are not required to be listed in the articles of incorporation.
- The officers are not required to be listed in the articles of incorporation.
- An increase in the shares may cause an increase in the initial filing fee.
- Domestic and foreign corporations, transacting business, employing capital or persons, owning or managing property in Michigan, must file an annual report with the Department of Commerce by May 15 annually. The filing fee is $15.
Income Tax Rate
- 2.3% tax levied on adjusted tax base allocated or apportioned to Michigan.
For more information on taxes, visit www.treas.state.mi.us
- Shareholders have limited liability protection
- May be listed and traded as a publiccorporation on the stock market or “over the counter”
- Has a separate and independent tax status from its owners
- Profits are not subject to “double taxation”
- Corporate losses may be “passed through” to share holders
- Shareholders are afforded the same protection as C Corp.
- Contains characteristics of both corporation and partnership
- Shareholders may take advantage of “Pass-Through” taxation
- Limited liability for share holders
Not for profit corp
- Eligible for tax-exempt status
- Limited Liability protection
- Qualify for public and private gains