House Bill 126 nearly addressed the subject of entity transfers, but the as-passed version of the Bill that became law last month did not address the concerns surrounding entity transfers (a sale in which a buyer purchases a limited liability company that owns property instead of acquiring the real estate itself). Mike Sikora was instrumental in helping avoid inclusion of that language in House Bill 126.
County auditors believe that, while House Bill 126 didn’t address that issue, legislators now are more aware of the issue and believe that it warrants future conversations. Sikora Law is continuing its work on the issue of entity transfers with the Ohio State Bar Association and NAIOP.
Michelle Jarboe of Crain’s Cleveland Business recently wrote another article on this subject – click here to read it.