Ohio adopts new Limited Liability Company Act
On January 8, Ohio Governor Mike DeWine signed into law the Ohio Revised Limited Liability Company Act (the “New Act”). The New Act completely replaces the existing Ohio Limited Liability Company Act (Chapter 1705 of the Ohio Revised Code) with new Chapter 1706 of the Ohio Revised Code. The New Act significantly updates Ohio’s codified law governing limited liability companies, providing increased opportunities and flexibility for the operation and management of an LLC, and making Ohio a potential home for an LLC with features previously available only in other states.
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