Michigan Legislative Website

Sec. 107.

(1) “Foreign business corporation” means a corporation for profit organized under laws other than the laws of this state, which includes in its purposes a purpose for which a corporation may be organized under Act No. 284 of the Public Acts of 1972, as amended.

(2) “Foreign corporation” means a corporation organized under laws other than the laws of this state conducting affairs in this state for a purpose or purposes for which a corporation may be organized under this act.

(3) “Insolvent” means being unable to pay debts as they become due in the usual course of a debtor's business.