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MI SB1319
Bill
AI Summary
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Amends the Limited Liability Company Act to add definition of "low-profit limited liability company" that significantly furthers charitable or educational purposes under Internal Revenue Code section 170(c)(2)(B) and does not have income production as a significant purpose.
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Revises the definition of "licensed person" in professional services provisions to include limited liability companies where all members and managers are licensed persons, expanding who can offer professional services.
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Updates the definition of "professional services corporation" to reference Chapter 2A of the Business Corporation Act (1972 PA 284) in addition to former 1962 PA 192.
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Takes effect only if Senate Bill No. 1320 of the 96th Legislature is enacted into law.
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Effective date: January 2, 2013.
Legislative Description
Businesses; professional corporations; citation to professional service corporation act in limited liability company act; revise. Amends secs. 102 & 902 of 1993 PA 23 (MCL 450.4102 & 450.4902). TIE BAR WITH: SB 1320'12
Businesses, professional corporations
Last Action
Assigned Pa 0568'12 With Immediate Effect 2012 Addenda
12/31/2012