Parent and sub LLC's
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Parent and sub LLC's (by michael Edmison [AR]) Sep 22, 2021 6:40 PM
       Parent and sub LLC's (by Pmh [TX]) Sep 22, 2021 6:45 PM
       Parent and sub LLC's (by Ray-N-Pa [PA]) Sep 22, 2021 8:31 PM
       Parent and sub LLC's (by Pmh [TX]) Sep 23, 2021 5:18 PM
       Parent and sub LLC's (by dino [CA]) Sep 24, 2021 6:06 PM
       Parent and sub LLC's (by Pmh [TX]) Sep 24, 2021 6:45 PM
       Parent and sub LLC's (by dino [CA]) Sep 24, 2021 7:17 PM
       Parent and sub LLC's (by Pmh [TX]) Sep 27, 2021 4:43 PM

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Parent and sub LLC's (by michael Edmison [AR]) Posted on: Sep 22, 2021 6:40 PM
Message:

A parent LLC has several subordinate LLc under it all owned by the same two people married to each other. why do some banks want the money separate accounts? State Specific Question About: ARKANSAS (AR)

--149.115.xx.xxx




Parent and sub LLC's (by Pmh [TX]) Posted on: Sep 22, 2021 6:45 PM
Message:

very simple. different legal entities. --107.77.xxx.xxx




Parent and sub LLC's (by Ray-N-Pa [PA]) Posted on: Sep 22, 2021 8:31 PM
Message:

The bigger question is why are you doing business in this manner instead of placing the properties into a trust?

The two primary reasons are privacy and asset protection. If you want asset protection, you can't co- mingle funds. If you doing it for privacy, please don't use your real name on the forum.

So absent of these two benefits, I am eager to learn why you think this method is a good idea --24.101.xxx.xxx




Parent and sub LLC's (by Pmh [TX]) Posted on: Sep 23, 2021 5:18 PM
Message:

Ray: a trust does not necessarily provide privacy. llc ownership is public knowledge & therefore ownership if by trusts. maybe I misunderstand what you are saying (?) to op: my answer is correct. I deal with this all the time. banks will also require co articles. In your situation they will see ownership stakes but even if in common the fact remains the llcs are different entities. --72.176.xxx.xxx




Parent and sub LLC's (by dino [CA]) Posted on: Sep 24, 2021 6:06 PM
Message:

I couldn't resist asking since we might have people on this discussion thread that really know this stuff.

Assuming I actually personally manage the property (and I realize that might be the problematic issue), is there any real benefit to an LLC when it comes to asset protection. Are my other assets other than the apartment building in an LLC really protected from lawsuit??

I've always figured I needed plenty of liability insurance and even umbrella policy to cover my a$$. It seems that there's an entire industry that exists to give people the impression that they can avoid liability with some paperwork.

Yet, time and again, you see the corporate veil pierced and liability assigned to people who thought they were protected.

What's the real story here??

--76.171.xxx.xxx




Parent and sub LLC's (by Pmh [TX]) Posted on: Sep 24, 2021 6:45 PM
Message:

you are correct. the veil is easily pierced. done that. but also best to have different entities to keep apart on legal basis. even if common ownership the entities are still separate and so not directly “responsible” --107.77.xxx.xxx




Parent and sub LLC's (by dino [CA]) Posted on: Sep 24, 2021 7:17 PM
Message:

So if I manage property and I get sued and I have several different LLC properties, it would seem that if I lose lawsuit, then all LLC properties would be subject to judgement.

Am I right about that???

--76.171.xxx.xxx




Parent and sub LLC's (by Pmh [TX]) Posted on: Sep 27, 2021 4:43 PM
Message:

no --107.77.xxx.xxx



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