Business Associations
6/12/2009 10:31:12 AM EST
Michigan Corporation Law With Federal Tax Analysis
The latest revision, current as of June 2009, discusses 2009 amendments to the Limited Liability Company Act permitting the establishment of a low-profit limited liability company under 450.4102(2)(m). A low-profit limited liability company must include in its Articles of Organization purpose clause the following: the company significantly furthers charitable or educational purposes as described in the Internal Revenue Code and would not have been formed except to accomplish those purposes, production of income or appreciation of property is not a significant purpose of the company, and the company does not attempt to influence legislation and does not participate in any political campaign.
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