Ohio Code § 1706.331

Ohio Code § 1706.331. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.

§ 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.

Source: official Ohio text · Last verified 2026-08-27

At a glance

  • Citation: Ohio Revised Code § 1706.331
  • Jurisdiction: Ohio
  • Code: Ohio Revised Code
  • Text: transcribed from the official source (verify below)

Verify the text

Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:

Not legal advice. Verify against the official source and consult a licensed Ohio attorney.

Common questions

What is the source of Ohio Revised Code § 1706.331?

The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.

What subject does Ohio Revised Code § 1706.331 address?

It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.

Is Ohio Revised Code § 1706.331 still in force?

Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.

Can this page be used as legal advice?

No. This is a reference transcription for research. Applying Ohio law to your facts requires a licensed Ohio attorney who can review the specifics.