Property Ownership
In Ohio, property held by an LLC is protected from personal creditors of the LLC's members through:
AThe Ohio homestead exemption
BLimited liability — LLC members are generally not personally liable for the LLC's debts✓ Correct
CCAUV protection
DThe Ohio Marketable Title Act
Explanation
An LLC provides limited liability protection — creditors of the LLC generally cannot reach the personal assets of the members, and vice versa, provided the corporate formalities are maintained.
Related Ohio Property Ownership Questions
- What is the difference between a life estate and a fee simple estate?
- Ohio's Marketable Title Act affects property titles by:
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- Fee simple absolute is considered the highest form of property ownership in Ohio because:
- In Ohio, which of the following is a specific, involuntary lien against real property?
- In Ohio, a 'covenant running with the land' is a private restriction that:
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- In Ohio, a 'profit à prendre' is:
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