Businesses: limited liability companies; definition of business organization; modify. Amends sec. 705a of 1993 PA 23 (MCL 450.4705a).

This bill updates Michigan law to allow domestic limited liability companies to merge with various other business types, such as corporations, partnerships, and nonprofits. It requires these companies to follow specific rules when creating a merger plan, including obtaining approval from their members and filing detailed documents with the state. The law ensures that the surviving business takes over all assets and liabilities of the merging companies while clarifying how ownership interests are converted and how pending legal cases are handled. Additionally, it provides a mechanism for members who disagree with a merger to withdraw from the company and receive fair value for their stake.