Ohio § 1776.84
Full text of Ohio Ohio Revised Code § 1776.84, with citation guidance and answers to common questions.
§ 1776.84.
(A) A limited liability partnership shall not make a distribution to a partner to the
extent that at the time of the distribution and after giving effect to the distribution,
all liabilities of the limited liability partnership exceed the fair value of the
assets of the limited liability partnership, other than liabilities to partners on
account of their economic interests and liabilities for which the recourse of creditors
is limited to specified property. The fair value of property that is subject to a liability for which the recourse
of creditors is limited shall be included in the assets of the limited liability partnership
only to the extent that the fair value of that property exceeds that liability. For purposes of this section, the term “ distribution ” does not include amounts constituting reasonable compensation for present or past
services or reasonable payments made in the ordinary course of business pursuant to
a bona fide retirement plan or other benefits program. (B) A partner of a limited liability partnership who receives a distribution in violation
of division (A) of this section is liable to the partnership for the amount of that
distribution. This section does not affect any obligation or liability of a partner of a limited
liability partnership under an agreement or other applicable law for the amount of
a distribution.
Frequently Asked Questions About Ohio § 1776.84
What does Ohio Revised Code § 1776.84 cover?
Section 1776.84 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 § 1776.84?
A common citation format is "Ohio Revised Code § 1776.84" (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 § 1776.84 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.