Ohio Senate Bill 181– which becomes effective on July 6, 2016 — will make some important asset protection improvements to Ohio’s limited liability company statute. Ohio’s LLC law is already an excellent one from an asset protection standpoint. The new changes will make it even better.
The new changes include:
- More specific charging order protection for single member LLCs
- Reducing the risk of “piercing” the protections offered by the LLC statute by requiring fewer formalities
- Fewer restrictions on what an Operating Agreement can and cannot provide with regard to duties of members, managers and officers
I will be making some additional posts about this new law in the coming months. The main point of this post is that Ohio’s LLC statute is already very favorable from an asset protection standpoint — and the new changes make it even better.