Businesses: business corporations; benefit corporations; authorize formation and establish duties of officers and directors. Amends (See bill).

Summary

The bill updates the state’s corporate code, redefining terms, setting new procedures for corporate actions, notices, and filings, and establishing specific duties and reporting for benefit corporations. It affects all domestic and foreign corporations operating in Michigan, their directors, officers, shareholders, and the state administrator. The changes aim to clarify corporate governance and give benefit corporations a clear legal framework for pursuing public‑benefit goals.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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