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
Following up on my post of April 13, 2012 —
Ohio House Bill 48 (which becomes effective on May 4, 2012) makes important changes to Sections 1705.18 and 1705.19 of the Ohio Revised Code. A new Section 1705.19(C) provides:
No creditor of a member of a limited liability company or any member’s assignee shall have
Ohio House Bill 48 (signed by Governer Kasich on February 2, 2012) makes some significant changes to Ohio’s LLC law. The new legislation (which becomes effective on May 4, 2012) affects Sections 1705.18 and 1705.19 of the Ohio Revised Code.
The new legislation clarifies that a charging order is the sole and exclusive remedy for
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
As I mentioned in a post last month, limited liability company laws vary significantly from state to state. Depending on your particular circumstances, one state could have significant advantages over another.
Here are a few reasons why Delaware is one of the best states to form a limited liability company from an asset protection
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
I have discussed the Florida Supreme Court’s decision in Olmstead in other posts on December 20, 2010, September 22, 2010 and August 2, 2010. In addition to severely weakening the asset protection advantage of a single member LLC in Florida, the decision unfortunately calls into question the effectiveness of multi-member LLCs in that
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
It has generally been assumed that when a creditor of an LLC member gets a judgment against that member, the only thing the creditor can do is to get a so-called "charging order". Such an order does not give the creditor control of the LLC — just a right to receive distributions if and when
