The Ohio Court of Appeals (10th District, Franklin County) recently provided some very specific guidance about "piercing the corproate veil" in Ohio. The case is Lind Stoneworks, Ltd. v. Top Surface, Inc., 194 Ohio App.3d 98 (10th District 2011).
The trial court held a corporation and its sole owner liable for a corporate debt.
A federal judge in Cleveland, Ohio recently ordered a convicted public official to pay $57,000 in damages by taking those funds from his retirement account. An Ohio law passed several years ago specifically authorizes such an action if a public official has been convicted of certain crimes, including bribery. The decision by U.S. District Judge
The statute of limitations relating to a fraudulent transfer can vary significantly from jurisdiction to jurisdiction. In Ohio, Section 1336.09 of the Ohio Uniform Fraudulent Transfer Act provides that a claim for relief must generally be brought within four years after a transfer was made. But even if that period has expired, a claim may
Approximately 900,000 businesses are incorporated in Delaware, including 63% of all fortune 500 companies. This is according to Rita K. Farrell in a recent New York Times article.
In various other posts, I have explained how Delaware’s LLC statute provides better asset protection for LLC owners than the law in many other states. The
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
The "Internal Affairs Doctrine" means that the law of the state of incorporation normally determines issues relating to the internal affairs of a corporation. For example, if there is a dispute between two shareholders of a Delaware corporation, it would typically be decided using Delaware law, even if the company operates in another state. This
It is now well settled that a limited liability company insulates the owners from the debts of the company.
It is nevertheless reassuring when a court re-affirms basic LLC protections. In Dover Phila Heating v. SJS Restaurants 185 Ohio App.3d 107, 2009-Ohio-6187, the Ohio Court of Appeals for the Fifth Appellate District confirmed once again
An article in the September 20, 2009 Business section of the Cleveland Plain Dealer contains a good summary of the various remedies available to a creditor who has a judgment against you. Cleveland Plain Dealer columnist Sheryl Harris is discussing a $3,000 judgment obtained in a small claims court in Rocky River, Ohio; but the
Holding property as joint tenants has numerous advantages. It can be convenient, and it can generally avoid probate of the jointly held assets. It is a big misconception, however, that joint tenancy provides very much asset protection.
A recent Ohio Court of Appeals Decision, White v. Parks is a perfect illustration of the drawbacks of
Asset protection planning generally involves transferring and/or re-titling some or all of your assets in order to better protect those assets from claims of creditors. Not surprisingly, however, there are statutory prohibitions against transferring your assets with the intent of avoiding your legal obligations. Whenever any assets are transferred or re-titled for protection purposes, it is critical
