The Great Lakes State, Michigan, is the focus of this week’s 50 states of incorporation. As the ninth most populous state, and with one of the most diverse economies in America, Michigan is a great place to start a business, form an LLC, or incorporate. Many Michigan industries are growing and thriving, and Michigan was one of the top states for job creation in 2012. It is no wonder Michigan is known for being a center of manufacturing!
Michigan’s claim to economic fame lies squarely with the automotive industry. General Motors, Ford, and Chrysler all still call Detroit their home, and though the 2008 global financial crisis hit the automotive center of America hard, they are rebounding. Of course, Michigan has a lot more to offer than cars. Tourism, IT, mining, and agriculture all contribute heavily to Michigan’s economy. In fact, chances are good the Christmas tree soon to be in your living room was grown in Michigan as the state is one of the leading growers, with over 60,000 acres dedicated growing Christmas trees.
It is understandable, then, why so many people choose to found their own small business in the state. And it has never been easier to incorporate in Michigan!
- If you incorporate in Michigan, you must give it a names that includes the designator ‘Corporation’, ‘Incorporated’, ‘Company’, or ‘Limited’, or an abbreviation of one of those designator. Names can be reserved for up to six months by paying a small fee and filling an Application for Reservation of Name.
- Your articles of incorporation need to include your corporation’s name, address, its purpose, the number of shares it is authorized to issue, and the names and addresses of its registered agent and each incorporator.
- In Michigan, the filing fee for corporations is based on the number of shares your corporation is authorized to issue. It costs $50 for the first 60,000, and $100 for corporations authorized to issue up to 1 million shares.
- Annual Reports must be filed on or before May 15th of the year after incorporation. These can be filed online.
Ready to form an LLC or incorporate in Michigan? Still have questions? Give us a call at 1-(877) 692-6772, or leave a comment below and we’ll be happy to help!