KMK Law Corporate & Securities Blog

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.

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 17^th state to allow for Series LLC’s.

The full Ohio Revised Code can be found here.