Ohio Rev. Code § 1706.26

Current with legislation from 2024 received as of March 20, 2024.
Section 1706.26 - Liabilities of limited liability company members

A person who is a member of a limited liability company is not liable, solely by reason of being a member, for a debt, obligation, or liability of the limited liability company or a series thereof, whether arising in contract, tort, or otherwise; or for the acts or omissions of any other member, agent, or employee of the limited liability company or a series thereof. The failure of a limited liability company or any of its members to observe any formalities relating to the exercise of the limited liability company's powers or the management of its activities is not a factor to consider in, or a ground for, imposing liability on the members for the debts, obligations, or liability of the limited liability company.

R.C. § 1706.26

Added by 133rd General Assembly File No. TBD, SB 276,§1, eff. 4/12/2021.