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Michigan is a state in the Great Lakes and Midwestern regions of the United States. Its name comes from the Ojibwe word mishigami, meaning "large water" or "large lake". Its capital is Lansing, and its largest city is Detroit. Metro Detroit is among the nation's most populous and largest metropolitan economies. Michigan has a total area of 96,716 square miles (250,493 km2).
The United States Census Bureau estimates the population of Michigan was 9.987 million (2019).
Over 90% of Michigan residents age five and older spoke only English at home, while about 3% spoke Spanish, other languages accounted for less than 1% of the population.
The Government of Michigan is the governmental structure as established by the Constitution of Michigan. Michigan government, as at the national level of government, power is distributed among three branches: legislative, executive, and judicial.
In 2019, the real GDP of Michigan was about 473.86 billion USD. The GDP per capita of Michigan was $47,448 in 2019.
Products and services include automobiles, food products, information technology, aerospace, military equipment, furniture, and mining of copper and iron ore. Michigan is the third leading grower of Christmas trees with 60,520 acres (245 km2) of land dedicated to Christmas tree farming. Michigan is home to very fertile land in the Saginaw Valley and Thumb areas. Products grown there include corn, sugar beets, navy beans, and soybeans. Michigan's tourism website ranks among the busiest in the nation.
United States Dollar (USD)
The business laws of Michigan are user-friendly and often adopted by other states as a standard for testing business laws. As a result, the business laws of Michigan are familiar to many lawyers both in the US and internationally. Michigan has a common law system.
One IBC supply incorporation in Michigan service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.
The use of the bank, trust, insurance, or reinsurance within the name of the LLC is generally prohibited as limited liability companies in most states are not allowed to engage in a banking or insurance business.
The name of each limited liability company as set forth in its certificate of formation: Shall contain the words "Limited Liability Company" or the abbreviation "L.L.C." or the designation "LLC";
No public register of company officers.
Just 4 simple steps are given to start a business in Michigan:
* These documents required to incorporate a company in Michigan:
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How to start a business in Michigan, USA
There is no minimum or a maximum number of authorized shares since Michigan incorporation fees are not based on the share structure.
Only one director required
Minimum number of shareholders is one
Companies of primary interest to offshore investors are the corporation and the limited liability company (LLC). LLCs are a hybrid of a corporation and a partnership: they share the legal features of a corporation but may choose to be taxed as a corporation, partnership, or trust.
Michigan law requires that every business have Registered Agent in the State of Michigan who may be either an individual resident or business that is authorised to do business in the State of Michigan
Michigan, as the state-level jurisdiction within the US, has no tax treaties with non-US jurisdictions or double tax treaties with other states in the US. Rather, in the case of individual taxpayers, double taxation is minimised by providing credits against Michigan taxation for taxes paid in other states.
In the case of corporate taxpayers, double taxation is minimised through allocation and appointment rules related to the income of corporations engaged in multi-state business.
Fees range from $7 to $3,000, but typically run around $150. These are usually payable in person with a credit card or cash. Remember that Michigan business licenses must be renewed annually.
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Michigan business tax returns are due by the last day of the 4th month following the end of the tax year. For calendar year taxpayers, this date is April 30. If you cannot file on time, you can request a state tax extension. A Michigan business extension will give you until the last day of the 8th month beyond the original deadline of your return (August 30 for calendar year filers).