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Establishing a New Business

There are many elements involved when establishing a new business. One important step is to protect yourself from hidden liabilities. The following information is intended to provide you with some guidelines regarding tax-related obligations when establishing a new business in Michigan. The Michigan Department of Treasury encourages you to obtain sound professional assistance from an accountant or an attorney to assist you with this process.

Taxpayers are required to meet certain obligations under Michigan law, including filing tax returns on time and with the correct payment when required. You are responsible for the accuracy of your returns, no matter who you hire to prepare them. You must also keep accurate and complete records for determining tax liability, as required by law or department rule.