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Ohio Revised Code section 1701.591 requires close corporations to have a close corporation agreement. This agreement must be approved by every single shareholder of the company.
A revocable trust allows you to revoke or amend the trust agreement at any time during your life. A revocable living trust can be used to avoid probate.
Irrevocable trusts are generally set up to minimize estate taxes, access government benefits, and protect assets. This is in contrast to a revocable trust, which allows the grantor to modify the trust, but loses certain benefits such as creditor protection.
The termination of any action, suit, or proceeding by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner the person reasonably believed to be in or not opposed to the best ...
A revocable trust can be changed at any time by the grantor during their lifetime, as long as they are competent. An irrevocable trust usually can't be changed without a court order or the approval of all the trust's beneficiaries. This makes an irrevocable trust less flexible.
(A) A trustee shall keep the current beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests.
Under current Ohio law, a trustee shall, within sixty (60) days after accepting its duties as trustee, notify the current beneficiaries of a trust of the trustee's acceptance of the trust, together with the trustee's name, address, and telephone number.
Section 1701.86 | Voluntary dissolution. (A) A corporation may be dissolved voluntarily in the manner provided in this section, provided the provisions of Chapter 1704.