Michigan Laws 450.1108 – Definitions; N to P
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Terms Used In Michigan Laws 450.1108
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(1) “Nonprofit corporation” or “domestic nonprofit corporation” means a nonprofit, corporation subject to the nonprofit corporation act, 1982 PA 162, MCL 450.2101 to 450.3192.
(2) “Person” means an individual, a partnership, a domestic or foreign corporation, a limited liability company, or any other association, corporation, trust, or legal entity.
(3) “Professional corporation” means a corporation incorporated under former 1962 PA 192, or a corporation incorporated under this act and governed by chapter 2A.