Veteran Owned Business benefits by Verspoor Waalkes Grand Rapids business attorneyVeterans are returning to civilian life and are ready to contribute to their communities in many substantial ways, including starting businesses and nonprofits. Veterans could, however, be missing out on many different ways to save some money as they start their own entities.

In fact, veteran owned entities in Michigan are entitled to a waiver of many of the fees required for filing various documents for your corporations and limited liability companies. This includes your annual filing fee!

The provisions regarding for-profit corporations waive a list of fees if a majority of the shares of the corporation are owned by honorably discharged veterans. (See the list of fees and waiver here.).  For nonprofit corporations, the statute provides for a waiver of a list of fees if a majority of the members or directors of the nonprofit are honorably discharged veterans. (See that list here.).

For limited liability companies, there is a waiver of a list of fees if a majority of the membership interests of the limited liability company are owned by honorably discharged veterans. (See the list of fees and waiver here.)

To qualify for this waiver you will need to provide to the Corporations Division of Michigan, Department of Licensing and Regulatory Affairs (“LARA”) satisfactory proof of qualification.  This should include:

(1) a signed statement by the owners (shareholders or members) requesting the waiver and detailing the honorably discharged veterans who hold the majority interests and the percent of interest held by each honorably discharged veteran; and

(2) a copy of the discharge form that demonstrates the veteran was separated from service with an honorable discharge (such as a form DD-214 or DD-215).

It is probably wise to contact LARA (phone: 517-241-6470) before you submit a waiver claim to obtain updated information and specific instructions for your particular situation Should you feel like you need any further legal guidance, please contact your trusted legal professional.

Thank you, veterans, for your service to our country!