Domestic Profit CorporationAgency: Licensing and Regulatory Affairs
Domestic profit corporations are formed for the purpose of generating profit for shareholders. A corporation is generally composed of three classes of persons: shareholders, directors, and officers. The shareholders own the corporation, elect the directors, and have the right to vote on major events of the corporation. Directors are responsible for managing the corporation's affairs. Officers are persons chosen by the board of directors to run the day to day operations of the corporation.
Profit corporations may be formed in Michigan under the Michigan Business Corporation Act for any lawful purpose. When articles drafted by the incorporators have been filed by the Bureau, the corporation's existence begins. Individuals acting as incorporators must be 18 years of age. However, they need not be United States citizens, residents of this state, shareholders, directors, officers or employees of the corporation.