By: Leandra | September 05, 2017

Opening a new business?

If you have ever been involved with forming a new entity in Michigan within the last 20 years, you have undoubtedly heard of “LLCs”. The acronym stands for “limited liability company” (not “limited liability corporation”, as is often mistaken), and ever since Michigan adopted the Limited Liability Company Act in June 1993 (and later amended several times), they have become the top choice for most small to medium size businesses. The reasons?

  1. “The Best of Both Worlds” – LLCs are essentially a fusion between a partnership and a corporation, pulling the best legal and tax characteristics out of both types of entities. Like a partnership, LLC owners (referred to as “members”) have significant flexibility to structure the LLC with regards t...