Yesterday, the Ohio Senate introduced a Revised Ohio LLC Act which would amend and replace Chapter 1705 with Chapter 1706 of the Ohio Revised Code. Ohio’s original LLC Act was adopted by the Ohio General Assembly in 1994. This would represent the first comprehensive update to the statute since then. The Bill is based on the American Bar Association’s Revised Prototype Limited Liability Company Act. Among other advancements, if adopted, S.B. 276 would result in Ohio becoming the 17th state to allow for Series LLC’s.
The full Ohio Revised Code can be found here.
KMK Law articles and blog posts are intended to bring attention to developments in the law and are not intended as legal advice for any particular client or any particular situation. The laws/regulations and interpretations thereof are evolving and subject to change. Although we will attempt to update articles/blog posts for material changes, the article/post may not reflect changes in laws/regulations or guidance issued after the date the article/post was published. Please consult with counsel of your choice regarding any specific questions you may have.
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