How to start an LLC in Michigan

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    How to start an LLC in Michigan
    Organizational and legal forms of companies in the USA: LLC VS Corporation C.
    When choosing a certain structure, carefully study the internal rules and regulations of a certain state. We will look at the overall picture regarding the two most popular forms of companies among local and foreign businessmen. These include:
    Limited Liability Company (LLC) is a commercial structure in the form of a limited liability company with partnership opportunities.
    Corporation C (C-Corp) is a prestigious form of business for large and medium–sized enterprises, as well as startups planning to attract venture capital.
    How to start an LLC in Michigan
    In order to correctly determine the appropriate structure, it is important to thoroughly understand the principles of taxation of two forms, determine the state in which the company will be registered in the United States, and also study the individual needs of your business.
    Registration of Limited Liability Company (LLC): key features
    This is a standard business structure that is ideal for small businesses with a small number of participants. They are the managers of such a company and own it. An LLC in the USA cannot have shareholders and issue shares, which does not provide for regular meetings (however, any corporate changes must be made to the minutes).
    The registration of an LLC company in the USA also involves:
    the creation of a charter for filing with a registration agency;
    the possibility of choosing a tax system depending on the state (for example, in California, New Hampshire, Alabama, etc.);
    lack of rights to attract investment funds;
    the ability to submit annual financial statements by mail or online;
    the profit and expenses of the enterprise are distributed among the founders/participants;
    low cost of annual fees;
    creation of a virtually tax-free instrument for international commercial activity in the absence of a source of profit in the United States.
    An American LLC can choose a tax regime: to pay fees to the budget as a corporation or as a “pass-through organization”.

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