Ohio Code 1706.76 – Separate asset series-designation by operating agreement
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(A) An operating agreement may establish or provide for the establishment of one or more designated series of assets that has both of the following:
Terms Used In Ohio Code 1706.76
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Member: means a person that has been admitted as a member of a limited liability company under section 1706. See Ohio Code 1706.01
- Operating agreement: includes any amendments to the operating agreement. See Ohio Code 1706.01
- Property: means real and personal property. See Ohio Code 1.59
(1) Either or both of the following:
(a) Separate rights, powers, or duties with respect to specified property or obligations of the limited liability company or profits and losses associated with specified property or obligations;
(b) A separate purpose or investment objective.
(2) At least one member associated with each series.
(B) A series established in accordance with division (A) of this section may carry on any activity, whether or not for profit.