Asset Protection Law Journal

Ohio LLC Statute Now Provides Better Protection from Creditors

Following up on my post of April 13, 2012 --

Ohio House Bill 48 (which becomes effective on May 4, 2012) makes important changes to Sections 1705.18 and 1705.19 of the Ohio Revised Code.  A new Section 1705.19(C) provides:

No creditor of a member of a limited liability company or any member's assignee shall have any right to obtain possession, or otherwise exercise legal or equitable remedies with respect to, the property of the limited liability company.

Section 1705.19(B) strengthened Ohio's charging order protection.  The new subsection (C) makes it even clearer that a creditor of a member simply cannot exercise legal or equitable remedies against the property of the limited liability company.

As I noted in my earlier post, these new provisions make Ohio LLCs much more appealing from an asset protection standpoint.

 

 

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Kenneth J. Laino of Schneider, Smeltz, Ranney & LaFond P.L.L. |
1111 Superior Avenue, Suite 1000,
Cleveland, Ohio 44114