Michigan LLC Formation Essentials

File Tax Registration Form 518 

If the LLC intends to register income tax withholdings, sales tax, use tax, corporate income taxes, or unemployment insurance taxes, then you should file Form 518 with the Michigan Department of Treasury. This form asks for basic information about your business and must be authorized by an LLC member.

Open a Business Bank Account

After completing the required federal and state LLC filings, open a corporate bank account to conduct day-to-day operations. The bank may request copies of your filings to officially open the account, so have them ready!

Pay Estimated Quarterly & Partnership Taxes

To avoid penalties from the IRS and the State, make sure to pay estimated quarterly federal and state taxes. If you are a single member LLC, estimated payments must include self-employment taxes. If you are a multi-member LLC, you’ll want to file partnership returns using Form 1065 or Form 8832 to be taxed as a corporation. Consider consulting a professional accountant for more detail on these filings.

File Annual Statements

You must file annual statements for the LLC before February 15th of each year. If you form the LLC after September 30th of the previous year, you do not need to file an annual statement for the next year.

Mission Accomplished!

There you have it, Michigan LLC Formation Essentials. Please note that this article is purely educational, is not legal advice, and does not establish an attorney-client relationship. It is always best to consult a seasoned business attorney to determine the right legal entity for your situation, draft the proper documents, and explain how everything works in more detail.