Michigan LCO's

Discussion in 'Network: Central' started by tiedeman, Sep 4, 2003.

  1. Mowerboy04

    Mowerboy04 LawnSite Bronze Member
    Posts: 1,435

    no i haven't. would u mind telling me a little about what it is and when it is ect.
    thanks
    alex
     
  2. mtdman

    mtdman LawnSite Gold Member
    Posts: 3,137

    Actually, the annual update is pretty easy. It's basically a sign the sheet and pay them $25 kind of thing. I just did that last week. That you don't really need a lawyer for. At least for an LLC.
     
  3. amar

    amar LawnSite Member
    Posts: 203


    A annual update is another fee imposed on businesses, a registration fee. You pay $25 every year if you pay late its $75 You do not need a attorney all you do is look over the address if you moved or changed you business type you fill it in. It's that simple.
     
  4. scraper69

    scraper69 LawnSite Senior Member
    from mi
    Posts: 477

    No.... i am referring to a corp. You must keep corporate records updated. This explains how your business is doing, financially, if there are any business related concerns, and it gets filed in your companies corp records. A must to keep a corp valid in Michigan. This is a C corp, not a llc or s corp.
     
  5. scraper69

    scraper69 LawnSite Senior Member
    from mi
    Posts: 477

    IT also has shareholder meetings minutes and so on. I dont believe in LLC... i prefer the C Corporation.
     
  6. amar

    amar LawnSite Member
    Posts: 203


    Corporate records update include LLC and S Corp's.

    You probably have 75+ employees, or like double taxation, or have some large amount of passive income.

    Is their some other reason in the landscape business you would want to be a C Corp.
     
  7. scraper69

    scraper69 LawnSite Senior Member
    from mi
    Posts: 477

    yes, if you plan on outgrowing the capabilities of an LLC.. and you want to raise captial through stock.

    Its all preference, and mine is C.

    Everyone is different
     
  8. amar

    amar LawnSite Member
    Posts: 203

    scraper69 I just got your logo.

    Do C Corp's have Tps report's?

    LOL
     
  9. RedWingsDet

    RedWingsDet LawnSite Gold Member
    from Detroit
    Posts: 3,556

    Fivestar. Are you going to the profits unlimited seminar? I might, just trying to see who else will be there.
     
  10. scraper69

    scraper69 LawnSite Senior Member
    from mi
    Posts: 477


    Didnt you get the memo....
     

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