- Deadline to file Michigan Profit Corporation 2014 Annual Reports with the State of Michigan Extended
- April 30, 2014
- Law Firm: Foster Swift Collins Smith P.C. - Lansing Office
The State of Michigan recently announced an extension of the deadline for profit corporations to file their annual reports. Profit corporations are required to file the annual report by May 15 of each year; however, due to a delay in mailing to resident agents, an automatic 45-day extension, to June 30, will be granted.
Section 911 of the Michigan Business Corporation Act, MCL 450.1911, provides that all domestic corporations and foreign corporations authorized to transact business in Michigan file an annual report each year. Professional service corporations have the additional requirement of reporting a list of all the corporation's shareholders.
Under MCL 450.1921, a corporation which neglects or refuses to file a report or pay a fee will be responsible for that fee plus a penalty of $10 for each month or part of a month that the corporation is delinquent, with the fine not to exceed $50. Penalties for failure to file 2014 annual reports will be assessed for reports received after June 30, 2014.
Importantly, the MCL 405.1922 provides that if a corporation fails to file its annual report and filing fee for two years, the corporation will be dissolved automatically 60 days after the expiration of the 2-year period. A corporation that has been automatically dissolved is not entitled to a certificate of good standing; its corporate name will be available for use by another entity and no document will be filed on behalf of the corporation by the State of Michigan.