<p class="MsoNormal"><b><span style="font-size:16.0pt">Limited Liability Companies for Films</span></b></p>
<p class="MsoNormal"><b><span style="font-size:16.0pt">By Mary Ellen Tomazic</span></b></p>
<p class="MsoNormal" style="margin-top:6.0pt;margin-right:0in;margin-bottom:6.0pt;
margin-left:0in"> II. Comparison of LLCs with other Business Entities: Financing
and Securities Laws</p>
<p class="MsoNormal"><span> </span>Obtaining
financing for your film is a daunting task, especially in this rough economy.
If you do find an `angel’ to invest in your film, the type of business
organization form you select will make a difference in how you receive the
funds. Partnerships are the most common business form, and other forms, such as
an LLC, with more than one member will revert to this model if statutory
requirements are not met. The classic investor model for a Broadway production
is a Limited Partnership, which allows for general (managing) partners and
limited (non-managing investor) partners. In this form, the promoters are in
charge, the limited partners are entirely passive. Promoters hire and organize
things; limited partners give in their percentage of the funds and sit down! Of
course, the tax treatment is different from an incorporated company, with each
Partner being taxed on the individual level by his percentage of participation
in the profits. The entity itself is not taxed as is the case with a
corporation. A Limited Liability Partnership has general partners and limited
partners who are liable for partnership debts and torts, but <i>not</i> for those of the individual partners
not done in the name of the partnership or not caused by the Limited Liability
Partnership.<span> </span>The Limited Liability
Partnership can be held liable for torts, injuries to persons or property
caused by the partnership, and that includes civil rights violations and
copyright and trademark infringement. Determining the type of organization you
want for your film venture will depend on what kind of association the parties
desire. A limited partnership may be suited to an investor who wishes to avoid
the greater potential liability of a general partner and is willing to pay the
price of giving up a say in management.<a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftn1" name="_ftnref1" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[1]</span></span></span></span></a><span> </span>A limited liability company may be best
suited to a group of people who are pooling their labor and resources to make
one or more movies, but do not want to put their individual residences and
assets at risk. </p>
<p class="MsoNormal"><span> </span>Limited
Liability Companies are a good form to use for films as long as you are
diligent about your recordkeeping. Raising money for your film as part of an
LLC has some extra concerns, since selling interests or memberships in an LLC
or even in a Limited Liability Partnership most likely are going to be
“securities” within the scope of both state and federal securities laws.<a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftn2" name="_ftnref2" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[2]</span></span></span></span></a>
Any “offer to sell” (not just a completed purchase) of LLC memberships can put
the transaction into the securities realm, which requires compliance with state
and federal laws and regulations. Even if membership in a small member-managed
LLC ought not to be seen as a security, any LLC membership interest that is
solely for the purpose of investment is classified as a security. Ohio law
explicitly mentions LLC memberships as securities in its definition of them.<a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftn3" name="_ftnref3" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[3]</span></span></span></span></a>
Although Ohio Securities laws provide for exemptions to full compliance for
offerings of LLC memberships, some exemptions must still be claimed in a filing
with the Ohio Division of Securities, which must find by rule that registration
is not necessary or appropriate in the public interest or for the protection of
investors.<a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftn4" name="_ftnref4" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[4]</span></span></span></span></a>
The most common reasons for exemption of an LLC membership as a security by
issuers include a number of provisions involving smaller numbers of investors.
The first under Ohio law allows an offering to ten or fewer purchasers<a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftn5" name="_ftnref5" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[5]</span></span></span></span></a>.<span> </span>This exemption requires that the total number
of purchasers (or members, in the case of an LLC) in this state in one year
does not exceed ten. It also requires that no advertisement, article, notice,
or other communication be published in any newspaper, magazine or similar
medium or broadcast over television or radio in connection with the sale, but
the use of offering circulars delivered by the issuer to select individuals is
allowed. The issuer must also reasonably believe after investigation that the
purchaser is purchasing for investment. The exemption also limits any
commission or other remuneration for sales, and that such commission is paid
only to registered dealers or salespersons of securities registered under state
law.<a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftn6" name="_ftnref6" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[6]</span></span></span></span></a>
This exemption does not require a filing to perfect it, but an issuer should
memorialize reliance of the LLC on this exemption in its company records.<a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftn7" name="_ftnref7" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[7]</span></span></span></span></a> </p>
<p class="MsoNormal"><span> </span>Another reason
for exemption refers to the federal securities law, providing that section 5 of
the Securities Act of 1933 do not apply to the sale by reason of an exemption
under section 4 (2) of that act.<a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftn8" name="_ftnref8" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[8]</span></span></span></span></a>
These are so-called “private offerings” under O.R.C. 1707.03(X) and the federal
act, not involving a “public offering”, which thus prohibits any advertising or
general solicitation, and also requires investment intent. <span>A Form 3-Q must be filed with
the Division within sixty days of the date of sale for this exemption to be
valid, and the Ohio Administrative Code section 1301:6-3-03(B)(6) defines the
date of sale. The offering must also comply with the conditions of Securities
and Exchange Commission Rule 506, which among other things prohibits
advertising and general solicitation, and limits the number of purchasers to
thirty five “accredited” investors, which under SEC Rule 501, are directors,
executive officers, or general partners of the issuer, or has a very high net
worth of over 1 million dollars. Non-accredited investors, which the rule
allows in unlimited numbers, are required to be “sophisticated”, and disclosure
documents must be delivered to them. Out of state issuers have additional
filing requirements under Ohio law.<a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftn9" name="_ftnref9" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA">[9]</span></span></span></span></a>
Private offerings under O.R.C. 1707.03(W) have the same investor requirements
as that of section (X), and are limited to $5 million under SEC Rule 505. A
filing fee of $100.00 must be included with form 3-W and sent to the Division
of Securities within five business days prior to the first use of an offering
document or the first sale in Ohio.<a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftn10" name="_ftnref10" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA">[10]</span></span></span></span></a>
This exemption also has a “Bad Boy” provision, which disqualifies any issuer or
broker-dealer which would be prohibited from using the exemption because of
convictions for fraud or securities violations.<a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftn11" name="_ftnref11" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA">[11]</span></span></span></span></a>
Lastly, under O.R.C. 1707.02(G), private offerings of commercial paper and
promissory notes that are not offered directly or indirectly to the public are
exempt from registration.<span> </span>O.A.C.
1301:6-3-02 defines private offering and details other exempt securities,
including those of commercial paper and promissory notes.<a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftn12" name="_ftnref12" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:14.0pt;font-family:"Calibri","sans-serif";
mso-ascii-theme-font:minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:
minor-latin;mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-ansi-language:EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA">[12]</span></span></span></span></a>
You can see from the requirements of the private offerings exemption that the
purpose of the securities laws is to safeguard smaller investors who do not
have a lot of money to lose, as an `accredited’ investor does. They are also
designed to allow an exemption for an investor who is `accredited’ because of
being a director, executive officer or general partners of the issuer, because
he or she has a hand in the management of the LLC and its assets personally.</span></p>
<p class="MsoNormal"> </p>
<p class="MsoNormal"><span class="apple-style-span"><span style="font-size:10.0pt;
font-family:"Verdana","sans-serif";color:black"> </span></span></p>
<p class="MsoNormal"><span class="apple-style-span"><span style="font-size:10.0pt;
font-family:"Verdana","sans-serif";color:black"> </span></span></p>
<p class="MsoNormal"><span class="apple-style-span"><span style="font-size:10.0pt;
font-family:"Verdana","sans-serif";color:black"> </span></span></p>
<p class="MsoNormal"><span class="apple-style-span"><span style="font-size:10.0pt;
font-family:"Verdana","sans-serif";color:black">Mary Ellen Tomazic is an
attorney in Cleveland specializing in entertainment</span></span><span style="font-size:10.0pt;font-family:"Verdana","sans-serif";color:black"><br>
<span class="apple-style-span">issue such as copyright, trademarks, contracts and
licenses for musical</span><br>
<span class="apple-style-span">groups and filmmakers.</span><br>
<br>
</span></p>
<div><br clear="all">
<hr align="left" size="1" width="33%">
<div id="ftn1">
<p class="MsoFootnoteText"><a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftnref1" name="_ftn1" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:10.0pt;font-family:"Calibri","sans-serif";mso-ascii-theme-font:
minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;
mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[1]</span></span></span></span></a> <span style="font-variant:small-caps">Thomas Swisher, Partnerships KP 8.01, Ohio
Forms & Transactions (2005).</span></p>
</div>
<div id="ftn2">
<p class="MsoFootnoteText"><a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftnref2" name="_ftn2" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:10.0pt;font-family:"Calibri","sans-serif";mso-ascii-theme-font:
minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;
mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[2]</span></span></span></span></a>
O.R.C. 1707.01 -99(2007), Ohio Administrative Code 1301:6-1-01 to 03. (2009);
Securities Act of 1933, 15 U.S.C. §§77a -77aa (2010).</p><p class="MsoFootnoteText"><a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftnref3" name="_ftn3" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:10.0pt;font-family:"Calibri","sans-serif";mso-ascii-theme-font:
minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;
mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[3]</span></span></span></span></a>
O.R.C. 1707.01(B).</p></div>
<div id="ftn4">
<p class="MsoFootnoteText"><a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftnref4" name="_ftn4" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:10.0pt;font-family:"Calibri","sans-serif";mso-ascii-theme-font:
minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;
mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[4]</span></span></span></span></a>
O.R.C. 1707.03(V).</p>
</div>
<div id="ftn5">
<p class="MsoFootnoteText"><a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftnref5" name="_ftn5" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:10.0pt;font-family:"Calibri","sans-serif";mso-ascii-theme-font:
minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;
mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[5]</span></span></span></span></a>
O.R.C. 1707.03(O).</p>
</div>
<div id="ftn6">
<p class="MsoFootnoteText"><a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftnref6" name="_ftn6" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:10.0pt;font-family:"Calibri","sans-serif";mso-ascii-theme-font:
minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;
mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[6]</span></span></span></span></a>
Id.</p>
</div>
<div id="ftn7">
<p class="MsoFootnoteText"><a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftnref7" name="_ftn7" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:10.0pt;font-family:"Calibri","sans-serif";mso-ascii-theme-font:
minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;
mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[7]</span></span></span></span></a>
Thomas E. Geyer, Basics of Ohio Securities Law, September 16, 2003 (Bailey
Cavalieri LLC, Attorneys at Law pdf).</p>
</div>
<div id="ftn8">
<p class="MsoFootnoteText"><a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftnref8" name="_ftn8" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:10.0pt;font-family:"Calibri","sans-serif";mso-ascii-theme-font:
minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;
mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[8]</span></span></span></span></a>
O.R.C. 1707.03(Q).</p>
</div>
<div id="ftn9">
<p class="MsoFootnoteText"><a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftnref9" name="_ftn9" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:10.0pt;font-family:"Calibri","sans-serif";mso-ascii-theme-font:
minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;
mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[9]</span></span></span></span></a>
O.R.C. 1707.11.</p>
</div>
<div id="ftn10">
<p class="MsoFootnoteText"><a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftnref10" name="_ftn10" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:10.0pt;font-family:"Calibri","sans-serif";mso-ascii-theme-font:
minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;
mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[10]</span></span></span></span></a>
Geyer, Basics of Ohio Securities Law.</p>
</div>
<div id="ftn11">
<p class="MsoFootnoteText"><a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftnref11" name="_ftn11" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:10.0pt;font-family:"Calibri","sans-serif";mso-ascii-theme-font:
minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;
mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[11]</span></span></span></span></a>
O.R.C. 1707.03(W) (2) (a).</p>
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<p class="MsoFootnoteText"><a href="file:///C:/Users/Maryellen/Documents/Limited%20Liability%20Companies%20for%20Film%20-%20Installment%20II.docx#_ftnref12" name="_ftn12" title=""><span class="MsoFootnoteReference"><span><span class="MsoFootnoteReference"><span style="font-size:10.0pt;font-family:"Calibri","sans-serif";mso-ascii-theme-font:
minor-latin;mso-fareast-font-family:Calibri;mso-fareast-theme-font:minor-latin;
mso-hansi-theme-font:minor-latin;mso-bidi-font-family:"Times New Roman";
mso-bidi-theme-font:minor-bidi;mso-ansi-language:EN-US;mso-fareast-language:
EN-US;mso-bidi-language:AR-SA">[12]</span></span></span></span></a>
O.A.C. 1301:6-3-02(D).</p>
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