OH HB581

Permits limited liability companies to establish one or more designated series of members, managers, or interests with separate rights, powers, duties, and distinct business purposes.

Debts and liabilities of a particular series are enforceable only against that series' assets, not against the company generally or other series, provided records are separately maintained and notice is included in articles of organization.

Each series may sue and be sued in its own name, contract, hold title to property, grant liens, and engage in lawful business or nonprofit activities, excluding banking.

Establishes governance, voting, management, distributions, and termination procedures for series, allowing operating agreements to define classes of members/managers with different rights and voting powers.

Foreign limited liability companies registering in Ohio must disclose in their application whether their operating agreement establishes series and whether series debts are limited to series assets only.