How to Start an LLC in Michigan in 2023

*In this video, we will show you how to start an LLC in Michigan. Here's what we will cover:
- The necessary filings and documents you need to open a bank account
- What to do if you get rejected
- Ongoing State compliance
- Tax election options once you have formed your LLC in the state
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Step 1: Michigan LLC Filing - The first thing you need is called the "Articles of Organization." This is the filing you make with the state of Michigan. It costs $100 and the turnaround time is roughly 2 business days. You can also set a future date up to 90 days in advance.
Name Selection - You need to pick a unique name that doesn't match anybody else's. You can't use someone else's name or use the word "Incorporated" in the name of an LLC.
Registered Agent - You need an in-state Michigan address (not a PO Box) where you can accept mail in person from Monday through Friday, normal business hours (9-5). This is a requirement from the state of Michigan and is public on the state's website. For privacy, you can use a third-party Registered Agent service like BetterLegal.
Step 2: EIN - An Employer Identification Number (EIN) is the social security number of your business. You need to file for it after you have received approval for your LLC from the state.
Step 3: Operating Agreement - This is a legal document that outlines the rights and responsibilities of the managers and members of the LLC. It is important to have this document in place before opening a bank account or entering into any business dealings.
Step 4: State Compliance - Once your LLC is approved, you need to file an Annual Report every year to keep your business active in the state of Michigan. This costs $25 and is due on February 15th of every year.
Step 5: Tax Election - Once you have your LLC, you can elect to be an S Corp or C Corp either 75 days after formation or the first 75 days of every calendar year.
Remember to always check with the state of Michigan for the most up-to-date information on LLC formation and compliance requirements. It's also recommended to seek professional advice from a lawyer or accountant to ensure you are in compliance with all laws and regulations.

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