Ohio amended its limited liability company statute earlier this year. As I explained in prior posts on June 16 and July 15, 2016, the amendments strengthened the asset protection provisions of the statute.
One of the most important changes was the addition of Ohio Revised Code §1705.031. This section specifically provides that Ohio’s limited liability company statute applies to all LLCs formed in Ohio – – whether the LLC has one member or more than one member. There had been some lingering questions about whether certain protections of the statute applied when a limited liability company had only one member. The amendment eliminates all doubt: the provisions of the Ohio statute apply to single member LLCs.
This is just one of many provisions of the Ohio LLC law that make it favorable from an asset protection standpoint.