Michigan requires that you list all individuals who meet one or more of the following criteria:
a. Own 25% or greater direct or indirect equity interest in the applicant.
b. Perform the principal executive, financial, and operations role for the applicant (CEO, CFO, COO or equivalent).
All three positions must be identified in the application.
You must also disclose all entities owning 25% or more of direct or indirect equity interest in the applicant. You must also submit an ownership chart with the application that adds up to 100%.
You must also disclose the total ownership percentage of individuals or entities owning less than 25% direct or indirect interest.