The Ohio Revised Limited Liability Company Act (“LLC Act”) took effect on February 11, 2022, and now governs all limited liability companies formed under Ohio law. The LLC Act replaced Chapter 1705 of the Ohio Revised Code with Chapter 1706 of the Ohio Revised Code. In part, the LLC Act permits the formation of “Series LLCs,” clarifies fiduciary duties, removes default indemnification of members and managers, modifies the default rules for sharing of distributions among members, and provides flexibility for management structure and authority. Now that the LLC Act is effective for all Ohio limited liability companies, it is recommended to revisit your company’s operating agreement and to ask an attorney to determine whether it is advisable to update any of its provisions.
The LLC Act 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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PartnerChris Brinkman practices in the firm's Business Representation & Transactions Group with a concentration in venture capital transactions, start-ups & growth companies, securities, and mergers and acquisitions.
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