Limited Liability Company

During 2016, Ohio continued to stand out as one of the best asset protection jurisdictions in the country.  I have noticed that more people are becoming aware of the significant opportunities offered by Ohio’s Legacy Trust statute.  As I have mentioned in earlier posts, an Ohio Legacy Trust is an excellent way to protect your assets – – while still maintaining a meaningful degree of control over those assets.

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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

Nevis (a small island in the Caribbean) is currently a good choice for an offshore limited liability company. 

Nevis recently amended its LLC Ordinance to better limit fraudulent transfer claims, and also to make it more difficult to enforce foreign judgments.  Nevis also now requires an LLC creditor to post a large bond to secure

Some states require public disclosure about LLC owners/managers/officers and others do not.  Ohio is one of the states that requires no such public disclosure. 

But keep in mind that ultimately, a creditor can always discover who the owners and managers are.  Once a lawsuit is filed, the identity of the members, managers and/or officers will

It has been a little more than two years since Ohio became one of the top asset protection jurisdictions in the United States.  Many people — including many attorneys–are still not fully aware of this dramatic development.  But word is slowly getting out.  We are getting more and more inquiries about Ohio’s Legacy Trust Statute

Both corporations and LLCs provide asset protection in that the owner will generally not be responsible for debts of the entity.  But when it comes to protecting an owner’s personal assets from his or her personal creditors, an LLC generally offers better protection than a corporation.  A creditor who controls the stock of a corporation