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32 chapters · 761 sections in this title.
Mich. Comp. Laws § 450.4401 Management vested in members.
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Sec. 401. Unless the articles of organization state that the business of the limited liability company is to be managed by 1 or more managers, the business of the limited liability company shall be managed by the members, subject to any provision in an operating agreement restric…
Mich. Comp. Laws § 450.4402 Managers; delegation; qualifications; number; notice of delegation.
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Sec. 402. (1) The articles of organization may provide that the business of the limited liability company shall be managed by or under the authority of 1 or more managers. The delegation of the management of a limited liability company to managers is subject to any provision in t…
Mich. Comp. Laws § 450.4403 Managers; selection; vote; removal; notice.
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Sec. 403. (1) A vote of a majority in interest of the members entitled to vote in accordance with section 502(1) is required to select 1 or more managers to fill initial positions or vacancies. (2) The members may remove 1 or more managers with or without cause unless an operatin…
Mich. Comp. Laws § 450.4404 Managers; duties; action for failure to perform duties.
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Sec. 404. (1) A manager shall discharge the duties of manager in good faith, with the care an ordinarily prudent person in a like position would exercise under similar circumstances, and in a manner the manager reasonably believes to be in the best interests of the limited liabil…