How does Michigan's corporation code compare to other US states?

Michigan follows the Model Business Corporation Act (MBCA) framework, like most US states adopted since the 1980s. The MICA is modern, well-tested, and aligned with Delaware on most key concepts (notwithstanding Delaware's distinctive corporate-law jurisprudence). For startup and growth-stage corporations, Michigan practice is straightforward.

Is the Michigan share ledger maintained at LARA?

No. LARA (Michigan Department of Licensing and Regulatory Affairs) handles only the corporate registry filings — annual report, articles, amendments. The share ledger is internal to the corporation.

Are electronic filings accepted for this jurisdiction?

Yes. The Michigan Department of Licensing and Regulatory Affairs (LARA) typically offers an online portal for filings and lookups. Electronic filings are usually processed faster than paper. Verify current options on the registry's website.

United States · Michigan

Stock ledger requirements in Michigan (MICA)

What a Michigan corporation must know about stock ledger requirements under Michigan Business Corporation Act, MCL § 450.1101 et seq.: statute citations, mechanics, and inspection rights.

Governing statute

Michigan Business Corporation Act, MCL § 450.1101 et seq.

MCL § 450.1485	Books and records
MCL § 450.1487	Inspection rights
MCL § 450.1331	Share ledger entries
MCL § 450.1489	Penalty for refusal

At a glance

Records each shareholder's name, address, number and class of shares, and date acquired
Maintained at the principal office; electronic form permitted
Inspection rights granted to shareholders under state-specific 'proper purpose' standards (Delaware vs MBCA states differ)
Transfers, issuances, and cancellations recorded chronologically
Legal source of truth on ownership; the cap table is the operational analytical view

What the MICA requires

MCL § 450.1485 requires every Michigan corporation to maintain books and records, including a share ledger.

Shareholder name and address
Number and class of shares held
Date each shareholder became a holder
Certificate numbers and dates
Complete transfer history (cedent, transferee, dates, certificates cancelled and issued)

Difference from the cap table

The stock ledger is the statutory document — the legal source of truth on ownership. The cap table is the operational analytical view that models current and fully-diluted ownership. When they diverge, it is almost always the cap table that has drifted.

Inspection rights

Shareholders have a statutory right to inspect the stock ledger. State-specific standards vary: Delaware's DGCL § 220 is broadly permissive; MBCA-state versions require a 'proper purpose'; Nevada limits inspection to shareholders holding 15% or more. Most states require free extracts and reasonable copy fees.

In Octelligence

A stock ledger that never drifts from the cap table.

In Octelligence, every issuance, transfer, and cancellation updates both the statutory stock ledger and the cap table simultaneously. You cannot have one without the other, which eliminates drift between them.

See Digital Corporate Records

Statutory registers

A stock ledger that always matches the cap table.

Issuances, transfers, cancellations recorded in real time. Cap table synchronized.

View pricing See how it works