Ohio § 1706.331
Full text of Ohio Ohio Revised Code § 1706.331, with citation guidance and answers to common questions.
§ 1706.331.
Each member and agent of a limited liability company shall be fully protected in relying
in good faith upon the records of the limited liability company and upon information,
opinions, reports, or statements presented by another member or agent of the limited
liability company, or by any other person as to matters the member or the agent reasonably
believes are within that other person's professional or expert competence, including
information, opinions, reports, or statements as to any of the following: (A) The value and amount of the assets, liabilities, profits, or losses of the limited
liability company, or a series thereof; (B) The value and amount of assets or reserves or contracts, agreements, or other undertakings
that would be sufficient to pay claims and obligations of the limited liability company,
or series thereof, or to make reasonable provision to pay those claims and obligations; (C) Any other facts pertinent to the existence and amount of assets from which distributions
to members or creditors might properly be paid.
Frequently Asked Questions About Ohio § 1706.331
What does Ohio Revised Code § 1706.331 cover?
Section 1706.331 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 1706.331?
A common citation format is "Ohio Revised Code § 1706.331" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1706.331 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.