As I noted in a recent post, significant changes to Ohio’s LLC statute (contained in Senate Bill 181) became effective on July 6. Among these changes are provisions making it harder to impose personal liability on members, managers or officers for the debts of the company.
The new law specifically states that the failure of an LLC to observe formalities relating to the LLC’s management is not a ground for imposing personal liability on a member, manager or officer. The new statute also specifically adds officers to the list of persons not personally liable for the obligations of the company (in addition to members and managers).
These changes (and others in the new statute) further insulate the members, managers and officers from personal liability for liabilities of the LLC.