Ohio Rev. Code § 1705.281

Current with legislation from 2024 received as of August 15, 2024.

Section 1705.281 - [Repealed]

R.C. § 1705.281

Amended by 134th General Assembly, HB 110,§610.1165, eff. 9/30/2021.

Repealed by 133rd General Assembly, SB 276,§3, eff. 1/1/2022.

Amended by 131st General Assembly, SB 181,§1, eff. 7/6/2016.

Added by 129th General Assembly, HB 48, §1, eff. 5/4/2012.

Committee Comment (2012)*

This section defines the fiduciary duties owed by members to each other and to the limited liability company. Unless the operating agreement or other agreement creates additional duties, this is a complete and exclusive statement of the fiduciary duties of members. Defining default fiduciary duties by statute is consistent with Ohio corporate and partnership law. The language of this section is based on the comparable provision of Ohio's partnership law, § 1776.44. Subject to the limits of § 1705.081(B), these duties may be modified. Modifications are not required to be in writing. See Committee Comments (2012) following Sections 1705.161 and 1705.282; see also, Committee Comment (2012) following Section 1705.29.

*Comments on 129th General Assembly, HB 48, from the Ohio State Bar Association Corporation Law Committee