LLC Costs and Fees in Michigan
Once you’re officially established as an LLC in Michigan, you can expect to pay the state a fee for annual reports once a year. Standard LLCs pay $25, while professional LLCs pay up to $75. Depending on your business type, you may also need to register for sales and use tax. It is essential to stay updated about renewal fees and deadlines.
Annual Fees and Taxes in Michigan
To maintain an LLC in Michigan, a yearly fee of $25 is required along with sales tax at 6%, income tax at 4.25%, and federal taxes. The costs mainly consist of state filing fees and annual reporting requirements.
- Michigan Business Licenses and Permits Fees
- Varies depending on location and industry.
Start-up Costs of Forming an LLC in Michigan
If you are curious about the initial costs of establishing an LLC in Michigan, here is a breakdown:
- Secretary of State Filing Fee: $50
- Name Reservation Fee: $10 (offline)
Michigan LLC Renewal Process
In Michigan, a limited liability company (LLC) must renew its status each year by filing an annual statement with the state. Failure to do so for two years can result in the LLC no longer being in good standing.
Before starting your LLC in Michigan, it’s crucial to understand the various fees and costs associated with the process. Reserving your preferred business name is one of the initial steps you need to take.