A Certificate of Good Standing is a document that attests to a company’s legal registration and permission to operate in a certain state. Additionally, it certifies that all state requirements, including paying taxes and filing yearly reports, have been met by the company. A Certificate of Good Standing in Michigan is good for a year starting on the day it is issued.
Businesses must request a Letter of Good Standing from the Michigan Department of Licensing and Regulatory Affairs (LARA) in order to obtain one in Michigan. The request can be submitted in person, via mail, or online. A Certificate of Good Standing costs $10 and can be purchased in Michigan online or by mail.
Articles of Incorporation must be submitted to the Michigan Department of Licensing and Regulatory Affairs as part of the incorporation procedure in Michigan. The name of the corporation, its mission, the amount of authorized shares of stock, and the names and addresses of the incorporators must all be listed in the articles of incorporation. In Michigan, submitting articles of incorporation costs $60.
Incorporated in Michigan are also nonprofit organizations. The Internal Revenue Service (IRS) tax-exempt status and articles of incorporation must be submitted to the Michigan Department of Licensing and Regulatory Affairs in order for an organization to be considered a nonprofit.
It is significant to remember that a nonprofit organization and a corporation are not the same thing. Nonprofits are not required to incorporate, but they can. Additionally, nonprofits may be set up as unincorporated associations or trusts.
In conclusion, a Certificate of Good Standing is available from the Michigan Department of Licensing and Regulatory Affairs and is good for a year. Articles of Incorporation must be submitted together with a fee in order to incorporate in Michigan. In Michigan, nonprofits can also be formed, although they differ from corporations and can be set up in many ways.