HB 301 makes changes to Ohio corporations law. The changes include:
1. Procedures for the conversion of a foreign entity into a domestic entity and conversion of a domestic entity from one type to another (for example, corporation, LLC, partnership) and/or conversion of a domestic to a foreign entity.
2. Procedures for a domestic parent and subsidiary company to switch designations as parent and subsidiary.
3. Changes in mergers and consolidations of Ohio partnerships.
4. Changes concerning the enactment and contents of corporations' regulations and articles of incorporation.
5. Changes concerning the liability of partners in registered limited liability partnerships, see ORC 1775.14(B).
6. Incorporates into Ohio law future amendments to federal securities laws.
See also Final Bill Analysis. The intent of this legislation is to update and streamline corporations law, to make Ohio competitive with other states. See Judicial Administration and Legal Reform Update 2006 by William K. Weisenberg at page 50 of the pdf document.