MI HB5972

Removes the $50.00 late filing penalty for professional limited liability companies that fail to file annual reports by February 15.

Replaces the fixed late penalty with a graduated penalty of $10.00 per month (or part thereof) of delinquency, with a maximum cap of $50.00.

Requires professional limited liability companies to file annual reports listing all members and managers, certifying each is licensed to provide the professional services rendered.

Professional limited liability companies failing to file reports for 2 consecutive years become "not in good standing" and lose eligibility for certificates of good standing, though they may continue operating in Michigan.

Allows companies to restore good standing by filing a certificate of restoration accompanied by all overdue annual reports, applicable fees, and applicable penalties; takes effect 90 days after enactment.