Terms Used In Ohio Code > Chapter 1705 - Limited Liability Companies [Repealed Effective 2/11/2022 - See R.C. 1706.83]

• Business: means every trade, occupation, or profession. See Ohio Code 1705.01
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Entity: means any of the following:

  (1) A corporation existing under the laws of this state or any other state;

  (2) Any of the following organizations existing under the laws of this state, the United States, or any other state:

  (a) A business trust or association;

  (b) A real estate investment trust;

  (c) A common law trust;

  (d) An unincorporated business or for profit organization, including a general or limited partnership;

  (e) A limited liability company. See Ohio Code 1705.01

• Executor: A male person named in a will to carry out the decedent
• Fiduciary: A trustee, executor, or administrator.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Member: means a person whose name appears on the records of the limited liability company as the owner of a membership interest in that company. See Ohio Code 1705.01
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Notice: means that the person who claims the benefit of the notice has done one of the following:

  (1) Stated the fact to the person entitled to notice;

  (2) Delivered through the mail or by other means of communication a written statement of the fact to the person entitled to notice or to a proper person at the place of business or residence of the person entitled to receive a notice. See Ohio Code 1705.01

• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means any natural person; partnership, limited partnership, trust, estate, association, limited liability company, or corporation; any custodian, nominee, trustee, executor, administrator, or other fiduciary; or any other individual or entity in its own or any representative capacity. See Ohio Code 1705.01
• Property: means real and personal property. See Ohio Code 1.59
• state: means the state of Ohio. See Ohio Code 1.59
• Tribunal: means a court or, if provided in the operating agreement or otherwise agreed, an arbitrator, arbitration panel, or other tribunal. See Ohio Code 1705.01
• Trustee: A person or institution holding and administering property in trust.
• United States: includes all the states. See Ohio Code 1.59