Senate Judiciary Committee adopts substitute to codify standard for piercing corporate veil

At a meeting of the Ohio Senate Judiciary Committee, members adopted a substitute version of Senate Bill 146, which would codify Ohio's common-law standard for piercing the corporate veil and narrow circumstances when individuals may be held personally liable for corporate obligations.

The substitute was put forward by Vice Chair Reynolds when the bill was called for its second hearing and, after a brief question period and no objections, the committee adopted the amendment. Vice Chair Reynolds moved to adopt the substitute; the committee chair asked if there were objections and, "Seeing none, the substitute bill is adopted." The committee then heard proponent testimony.

Greg Russell, a partner at the law firm of Voorhees, Saylor, Seymour and Peace and general counsel for the Ohio Oil and Gas Association, told the committee that…