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.
Continue Reading Reflections on 2016 Ohio Asset Protection Developments
Ohio Statute Specifically Covers Single Member LLCs
Ohio amended its limited liability company statute earlier this year. As I explained in prior posts on June 16 and July 15, 2016, the amendments strengthened the asset protection provisions of the statute.
One of the most important changes was the addition of Ohio Revised Code §1705.031. This section specifically provides that Ohio’s limited
Ohio LLC Statute Now Provides More Protection For Members, Managers and Officers
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
Significant Changes to Ohio’s LLC Statute Become Effective on July 6, 2016
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
LLC Offers Flexibility For Many Business Strategies
A recent article in the New York Times provides a reminder of how flexible and versatile limited liability companies have become.
Facebook CEO Mark Zuckerberg and his wife recently announced that they would eventually give away 99% of their shares of Facebook during their lifetimes. When they said that they would use a company to
LLC Provides Better Asset Protection Than an S Corp
S Corporations and LLCs are both “pass through” entities for federal income tax purposes. That is, owners are taxed on dividends/distributions; but the entity itself is not subject to federal income tax. And, as I mentioned in previous posts –on March 26, 2014, July 2, 2009 and June 3, 2009 –both an S Corp
Nevis Is Good Choice For Offshore LLC
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
Ohio Appeals Court Says LLC Must Identify Its Members
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
Growing Awareness of Ohio as a Top Asset Protection Jurisdiction
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
Consider Converting an S Corporation to an LLC
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