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Are Ohio S corps allowed the same 450.00 cash exemption from

a bank garnishment as personal...
Are Ohio S corps allowed the same 450.00 cash exemption from a bank garnishment as personal accounts?
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Answered in 51 minutes by:
7/18/2013
PDtax
PDtax, Certified Public Accountant (CPA)
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PDtax :

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Ohio 2329.66 is the state statute that governs the exemption from levy in a bank account. http://codes.ohio.gov/orc/2329.66 is the link to the copy I used. It specifically mentions a $400 exemption in a person's interest in a savings or other bank account. I believe the amount has been increased to $450, I may have just had an old copy of the statute.

Since it is debtor-creditor law that I cited, and it is applicable to individuals for exemptions for bankruptcy, I do not believe this cash exemption applies to corporations. they are not 'persons' as intended in this state statute.

I do not believe the $450 exemption extends to corporations, since the statute governing the exemption is for persons only, and this does not include corporations for these purposes.

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PDtax
PDtax, Certified Public Accountant (CPA)
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