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).

Population

The United States Census Bureau estimates the population of Michigan was 9.987 million (2019).

Language

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.

• The legislature of Michigan is the General Assembly, a bicameral body consisting of the Senate and the House of Representatives;
• The Executive branch headed by the Governor;
• The highest judicial power is the Supreme Court of Michigan.

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.

Currency:

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.

Type of Company/Corporation:

One IBC supply incorporation in Michigan service with the common type Limited Liability Company (LLC) and C-Corp or S-Corp.

Business Restriction:

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.

Company Name Restriction:

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";

• May contain the name of a member or manager;
• Must be such as to distinguish it upon the records in the office of the Secretary of State from the name on such records of any corporation, partnership, limited partnership, statutory trust or limited liability company reserved, registered, formed or organized under the laws of the State of Michigan or qualified to do business.
• May contain the following words: "Company," "Association," "Club," "Foundation," "Fund," "Institute," "Society," "Union," "Syndicate," "Limited" or "Trust" (or abbreviations of like import).

Company Information privacy:

No public register of company officers.

Just 4 simple steps are given to start a business in Michigan:

• Step 1: Select basic Resident/Founder nationality information and other additional services that you want (if any).
• Step 2: Register or log in and fill in the company names and director/ shareholder(s) and fill in the billing address and special request (if any).
• Step 3: Choose your payment method (We accept payment by Credit/Debit Card, PayPal, or Wire Transfer).
• Step 4: You will receive soft copies of necessary documents including Certificate of Incorporation, Business Registration, Memorandum and Articles of Association, etc. Then, your new company in Michigan is ready to do business. You can bring the documents in the company kit to open a corporate bank account or we can help you with our long experience of Banking support service.

* These documents required to incorporate a company in Michigan:

• Passport of each shareholder/beneficial owner and director;
• Proof of residential address of each director and shareholder (Must be in English or certified translation version);
• The proposed company names;
• The issued share capital and par value of shares.

Read more:

How to start a business in Michigan, USA

Share Capital:

There is no minimum or a maximum number of authorized shares since Michigan incorporation fees are not based on the share structure.

Director:

Only one director required

Shareholder:

Minimum number of shareholders is one

Michigan company taxation:

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.

• Us Federal Taxation: US Limited Liability companies structured for partnership tax treatment with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return.
• State Taxation: US limited liability companies that conduct no business in the recommended states of formation with non-resident members are generally not subject to state income tax and are not required to file a state income tax return.

License Fee & Levy:

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.

Read more:

• Michigan trademark
• Michigan business license

Payment, Company return due date:

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).