First Public Corp. v. Parfet

Plaintiffs seek leave to appeal a Court of Appeals judgment affirming the trial court’s grant of defendants’ motions for summary disposition. We affirm. However, because the Court of Appeals erred by recognizing an entirely new form of business entity not rooted in Michigan statutory or common law, we vacate in part its judgment.

I. BACKGROUND

At the heart of plaintiffs’ various claims alleging breaches of defendant’s fiduciary duties is whether plaintiff First Public Corporation and defendant Cale donia Group, Inc., formed a lawful business relationship, and, if so, whether that relationship…