Terms Used In Michigan Laws 205.55

• Business: includes an activity engaged in by a person or caused to be engaged in by that person with the object of gain, benefit, or advantage, either direct or indirect. See Michigan Laws 205.51
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Tax: includes a tax, interest, or penalty levied under this act. See Michigan Laws 205.51