Foster Swift Business & Corporate Law Report
Michigan companies, including Michigan limited liability companies, profit corporations, professional service corporations, and non profit corporations, are required to file annual reports with the Michigan Department of Licensing and Regulatory Affairs (LARA). Failure to file this simple document can result in the involuntary dissolution of the entity or other adverse action, which risks personal liability for the owners, the loss of intellectual property rights, and the breach of loan covenants and other agreements. Returning an entity to good standing can also be expensive and burdensome. Accordingly, it is imperative that Michigan companies take a few moments to ensure that they timely file their annual reports.
LARA has or will send the appropriate form to your entity's current resident agent. Limited liability companies should have already filed their 2012 annual statements, which were due February 15th, and profit corporations and professional service corporations are required to file their annual information updates by May 15th. Non-profit corporations have until October 1st to file their annual information updates.
We recommend that you confirm that your resident agent has received the appropriate form and has or will file it by the relevant deadline.