Did you know that Ohio’s laws concerning Limited Liability Companies (LLCs) changed on April 12, 2021? All existing LLCs in the state will have to comply with the new Ohio Revised Limited Liability Company Act by February 11, 2022.
Many existing single-member LLCs are incomplete and not well-documented. Some business owners do not fully know what roles lawyers play in the formation and operation of a business. They also do not know that the rules in Ohio allow permit clients and lawyers to agree upon “limited scope representation”, which provides a range of affordable and tailor-made legal services arrangements to assist business owners, including some “DIY”-type of arrangements.
Complying with the new law gives these new and existing business owners an opportunity to take appropriate action to calibrate their business structure and records.
LLCs are now the business entity of choice in the United States. More LLCs are formed than any other entity. LLCs are regularly used as an all-purpose business form; start-up businesses; construction trades; home-based businesses; professional services; healthcare services; restaurant and food-centered operations; real estate development and holding; asset protection; joint venture vehicles; capital formation; family businesses; and also for estate and gift planning.
The LLC is a highly flexible entity. No longer do businesses and their lawyers have to use entity forms that are not specifically fit for the purpose desired by the owner. No longer do businesspersons have to struggle with legal constructs that are not needed, not wanted, and not understood. The LLC is an unincorporated, separate entity that is a cross between a partnership and a corporation with certain advantages of both of them.
More recently, much of the discussion of limited liability companies concerns “Series LLCs”. That discussion is now in Ohio as the new law authorizes the formation of Series LLCs in the Buckeye State.
Attorney Ambrose Moses III’s objective is to help as many of Ohio’s LLC owners as he can to understand the new law, improve their business practices, and comply with the new law by February 11, 2022.
This “DIY LLC Formation with Coaching by Attorney Moses” class will help new and existing business owners in taking appropriate action to calibrate their LLC business structures and records. Participants will learn the role of lawyers in business and what is meant by “limited scope representation” in Ohio, what constitutes a complete LLC, and what Do-It-Yourself (DIY) options are available to help LLC owners comply with the new law by February 11, 2022.
Ambrose Moses III, Esq. is a lawyer and the founder of Moses Law Office. His professional objective and mission are to Promote and Secure Legal, Social, and Economic Justice For All. At the heart of that mission is a deep-rooted commitment to helping empower individuals and communities to influence and control their own destinies utilizing business law, nonprofit organizations, and estate planning, as well as resources like the Small Business Legal Aid Program.
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