MI SB0926

Amends the definition of "person" in Michigan's Limited Liability Company Act (1993 PA 23) to explicitly include nonprofit corporations as a recognized type of legal entity.

Expands the list of entities considered "persons" under the statute to encompass individuals, partnerships, limited liability companies, trusts, custodians, estates, associations, corporations, nonprofit corporations, governmental entities, and other legal entities.

Applies retroactively to all provisions of the Limited Liability Company Act that reference the definition of "person."

Effective immediately upon enactment on July 11, 2022.