To start a company in Michigan (whether nonprofit or for-profit corporations or limited liability companies) you must file required documents with the Corporations Division of the Michigan Department of Licensing and Regulatory Affairs (LARA, for short). Once established, any modifications, including changes or additions to the information contained in the original filings, must also be filed with LARA. As you might expect, these filings require you to pay fees. Here’s some good news for veterans as Independence Day approaches: little known provisions of the law waive some of these fees for companies owned by honorably discharged veterans.
In the case of for-profit corporations, a list of the required filing fees can be found in Section 1060 of the Business Corporation Act
. The waiver provision is found in subsection (10) and provides for a waiver of fees upon proof that a majority of the shares are held by 1 or more honorably discharged veterans.
The required filing fees for non-profits can be found in Section 1060 of the Nonprofit Corporation Act. If a majority of the members or the directors of the nonprofit are honorably discharged veterans, the fees can be waived.
Finally, a list of the required fees for limited liability companies can be found in Section 1101 of the Limited Liability Company Act. And like for-profit corporations, fees can be waived upon proof of majority ownership by honorably discharged veterans.
According to LARA, satisfactory proof of veteran ownership consists of a DD-214 issued by the branch of the service served by each qualifying veteran, along with a signed statement identifying the veterans and their percentage of interest in the business entity.
Before you submit a filing and claim the waiver, contact the corporations division at firstname.lastname@example.org or at telephone number (517) 241-6470 for complete and updated information and instructions.
© 2021 Wright Beamer, PLC