As I have mentioned in other posts, Ohio Senate Bill 181 was signed by the Governor and became law on July 6, 2016. The new statute improves the already excellent protections offered by Ohio’s LLC statute. It amends various provisions of Chapters 1701 and 1705 of the Ohio Revised Code.
It is worth noting that this statute passed the Ohio Senate on October 14, 2015 by a vote of 32-0. The vote in the Ohio House on February 24, 2016 was 94-0.
Ohio legislators in recent years have been very supportive of asset protection. The Ohio Legacy Trust Statute is a clear example. Senate Bill 181 – – passed unanimously in both the Ohio House and Senate – – is yet another indication of a strong public policy in favor of asset protection for both businesses and individuals.