An Ohio broker's brokerage is organized as an LLC. The broker is the managing member and sole broker. If the broker becomes incapacitated and cannot manage the brokerage, which statement about the brokerage's continuation is MOST accurate?
Correct Answer
D) The Division may allow a temporary arrangement for an orderly transition, but the brokerage cannot continue long-term without a licensed broker
Ohio requires every brokerage to have a licensed broker. If the sole broker becomes incapacitated, the Division may permit temporary arrangements to protect consumers and allow an orderly transition, but the brokerage cannot operate indefinitely without a licensed broker. The LLC members must arrange for a new licensed broker or wind down operations.
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