Mich. Comp. Laws » Michigan Compiled Laws / Chapter 450 / Act 23 of 1993
Michigan Compiled Laws

Mich. Comp. Laws § 450.4503 (2026)

Members; obtaining certain financial statements and tax returns; inspecting and copying records; obtaining other information; formal accounting of company's affairs.

✓ current as of July 2026
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MICHIGAN LIMITED LIABILITY COMPANY ACT


Act 23 of 1993


450.4503 Members; obtaining certain financial statements and tax returns; inspecting and copying records; obtaining other information; formal accounting of company's affairs.

Sec. 503.

    (1) Upon written request of a member, a limited liability company shall send a copy of its most recent annual financial statement and its most recent federal, state, and local income tax returns, and any other returns or filings the limited liability company has submitted or is required to submit to any federal, state, local, or other governmental taxing authority, to the member by mail or electronic transmission.

    (2) Upon reasonable request, a member may obtain true and full information regarding the current state of a limited liability company's financial condition.

    (3) Upon reasonable written request and during ordinary business hours, a member or the member's designated representative may inspect and copy, at the member's expense, any of the records a limited liability company is required to maintain under section 213, at the location where the records are kept.

    (4) Upon reasonable written request, a member may obtain other information regarding a limited liability company's affairs or may inspect, personally or through a representative and during ordinary business hours, other books and records of the limited liability company, as is just and reasonable.

    (5) A member may have a formal accounting of a limited liability company's affairs, as provided in an operating agreement or whenever circumstances render it just and reasonable.

History: 1993, Act 23, Eff. June 1, 1993 ;-- Am. 1997, Act 52, Imd. Eff. July 1, 1997 ;-- Am. 2002, Act 686, Imd. Eff. Dec. 30, 2002 ;-- Am. 2010, Act 290, Imd. Eff. Dec. 16, 2010

Notes of Decisions
Cited in 6 cases (1 in the last 5 years), 2016–2025 · leading case: Phares a Noel II v. Scholastic Solutions LLC (Mich. Ct. App. 2019).
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Phares a Noel II v. Scholastic Solutions LLC (Mich. Ct. App. 2019). · cites it 3× “3605, which is a provision of the Revised Judicature Act that invests circuit courts with power to entertain certain actions, including accountings, against certain corporate agents.”
Gary Goldberg v. First Holding Mgmt. Co. (Mich. Ct. App. 2016). · cites it 2× “” Plaintiff requested in his complaint that the trial court require the LLCs and FH Manager to “provide an accounting of all payments and distributions made by defendants for and on behalf of” the LLCs over the previous five years, “including the actual invoices for services…”
Michael Knoll v. Chewd LLC (Mich. Ct. App. 2016). “ACCOUNTING In his claim for “a true and accurate accounting” of all Chewd’s activities and assets, Knoll failed to allege that he submitted a written request for this information as required under MCL 450.4503. Knoll did not allege that he properly requested the information or…”
Leo H Vergote v. Lillian E Vergote (Mich. Ct. App. 2018). “MCL 450.4503(5) provides that a “member may have a formal accounting of a limited liability company’s affairs, as provided in an operating agreement or whenever circumstances render it just and reasonable.”
Leo H Vergote v. Lillian E Vergote (Mich. Ct. App. 2018). “MCL 450.4503(5) provides that a “member may have a formal accounting of a limited liability company’s affairs, as provided in an operating agreement or whenever circumstances render it just and reasonable.”
Kaveh Esmael v. Siyavoosh Shekoohfar (Mich. Ct. App. 2025). “MCL 450.4503(5). Plaintiffs are not members of 1225 Milan; however, the Agreement between Shekoohfar and Esmael does require Shekoohfar to provide Esmael with information regarding 1225 Milan’s finances.”
— Mich. Comp. Laws § 450.4503(5) — 5 cases
Phares a Noel II v. Scholastic Solutions LLC (Mich. Ct. App. 2019). “3605, which is a provision of the Revised Judicature Act that invests circuit courts with power to entertain certain actions, including accountings, against certain corporate agents.”
Gary Goldberg v. First Holding Mgmt. Co. (Mich. Ct. App. 2016). “” Plaintiff requested in his complaint that the trial court require the LLCs and FH Manager to “provide an accounting of all payments and distributions made by defendants for and on behalf of” the LLCs over the previous five years, “including the actual invoices for services…”
Leo H Vergote v. Lillian E Vergote (Mich. Ct. App. 2018). “MCL 450.4503(5) provides that a “member may have a formal accounting of a limited liability company’s affairs, as provided in an operating agreement or whenever circumstances render it just and reasonable.”
Leo H Vergote v. Lillian E Vergote (Mich. Ct. App. 2018). “MCL 450.4503(5) provides that a “member may have a formal accounting of a limited liability company’s affairs, as provided in an operating agreement or whenever circumstances render it just and reasonable.”
Kaveh Esmael v. Siyavoosh Shekoohfar (Mich. Ct. App. 2025). “MCL 450.4503(5). Plaintiffs are not members of 1225 Milan; however, the Agreement between Shekoohfar and Esmael does require Shekoohfar to provide Esmael with information regarding 1225 Milan’s finances.”
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