Limited Liability Company

The Ohio Legacy Trust Act (part of Ohio House Bill 479) becomes effective on March 27, 2013.  Ohio will become one of approximately 15 states with what is commonly called a Domestic Asset Protection Trust Statute.

Ohio House Bill 479 also increases the Ohio homestead exemption and makes other changes that offer better asset protection

On June 16, 2011, Nevada’s governor signed a new law specifically making a charging order the exclusive remedy of a judgment creditor against owners of both LLCs and corporations in Nevada.  The legislation specifically includes a sole member of an LLC and a sole shareholder of a corporation.

Nevada is clearly working to provide better asset protection for

Limited liability company laws vary significantly from state to state.  Depending on your particular circumstances, one state could have significant advantages or disadvantages over another.

First of all, states have specific requirements when you form a limited liability company.  For example, New York requires a newspaper publication notice.  It also allows a manager-managed limited liability

In the United States, forming an LLC in a particular state (such as Delaware) can provide significantly better asset protection advantages than forming that LLC in certain other states.  The same holds true for offshore LLCs.  Nevis is currently one of the best offshore jurisdictions for a limited liability company.

Forming a limited liability company

On June 24, 2010, the Florida Supreme Court ruled in Olmstead v. Federal Trade Commission that a charging order is not the exclusive remedy for a judgment creditor against a debtor’s single member LLC interest.  This means that in Florida, a judgment creditor can essentially seize a debtor’s single member LLC interest and gain full