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Terms Used In Michigan Laws 257.40

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
     “Person” means every natural person, firm, copartnership, association, or corporation and their legal successors.