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LaRose announces implementation of LLC Modernization Law

Written on Feb 17, 2022

 Provided by Hannah News Service 

Secretary of State Frank LaRose said Feb. 14 that his office has drafted new filing forms and updated the Ohio Business Central filing system after passage of legislation that updated the state's LLC laws. 

Gov. Mike DeWine signed 133-SB276 (Roegner-Manning) last year. The bill, dubbed the Revised Limited Liability Company Act, was the first major revision to the LLC laws since 1994. LaRose said as the office that receives and processes all new business filings for the state, there are now more options in place for LLCs to manage and structure themselves in ways that will provide the certainty and confidence they require to be successful. 

The changes include implementing flexibility for structuring LLCs; allowing a single LLC to establish one or more "series" of assets; and providing clarity and predictability for Ohioans looking to start and grow their limited liability company. 

“Ohio job creators have been creating new businesses at a record-breaking pace,” LaRose said. “As our state economy evolves, we’ve seen a big surge in the number of businesses filing as an LLC, and these improvements are going to go a long way toward solidifying Ohio as a destination state for entrepreneurs." 

LaRose said establishing a new business in Ohio has become increasingly quick, easy, and inexpensive through the Ohio Secretary of State’s Ohio Business Central website, http://OhioBusinessCentral.gov