Businesses: limited liability companies; certain references in the Michigan limited liability company act; make gender neutral. Amends sec. 504 of 1993 PA 23 (MCL 450.4504). TIE BAR WITH: HJR F'25

Also relevant to:LGBTQ+ / Queer Person of color

Where it is in the process

Plain-English Summary

This bill amends the Michigan Limited Liability Company Act to allow spouses to hold a membership interest in joint tenancy, similar to how they can jointly own real estate. This means if one spouse dies, the other would automatically gain full ownership of the membership interest. The bill will only take effect if a related joint resolution to amend the state constitution is also passed.

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