Ohio House Bill 48 (signed by Governer Kasich on February 2, 2012) makes some significant changes to Ohio’s LLC law. The new legislation (which becomes effective on May 4, 2012) affects Sections 1705.18 and 1705.19 of the Ohio Revised Code.
The new legislation clarifies that a charging order is the sole and exclusive remedy for satifsying a judgment against a membership interest of a debtor-member. Other legal and equitable remedies are barred.
There had been some uncertainty about this area of Ohio law, and new legislation clears up that uncertainty.
Ohio law still does not specifically state that single member LLCs and multi-member LLCs will be treated the same.
At any rate, the new Ohio legislation makes Ohio LLCs much more appealing from an asset protection standpoint.