MI HB4916

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

Replaces automatic penalty with graduated penalty of $10.00 per month (or part thereof) of delinquency, capped at $50.00 maximum.

Professional limited liability companies failing to file reports for 2 consecutive years receive notice and have 60 days to file all delinquent reports and pay fees before losing good standing status.

Companies not in good standing cannot obtain certificates of good standing and their names become available for other entities, but the companies may continue operating.

Companies may restore good standing by filing a certificate of restoration accompanied by all delinquent reports, applicable fees, and penalties.