Posted by James (Ala) on February 01, 2007 at 14:00:41:
Ryan,
Do you want your Corp to manage the business of the LLC’s (like be the manager of the companies) or are you setting the Corp up to manage the assets owned by the LLC’s (like collect rent, etc.)? (Just curious.)
I think the answer will lie in your tax situation. Do you want to pull money out? Do you need fringe benefits (e.g., insurance, retirement, etc.) I would talk with your accountant first, if you want to be able to jsut tell the attorney what to do.
Personally, I think those attorneys with accounting backgrounds are worth their weight in gold, especially if the attorney is a dirt lawyer.
Structuring Multiple LLC’s into One Management Co. - Posted by Ryan (NC)
Posted by Ryan (NC) on February 01, 2007 at 08:55:15:
I’m in process of creating a public entity to act as management for three LLC’s over their prospective holdings with expenses shared between the three LLC’s. In digging around in the archives and talking to a couple of my friends from other forums here I’m pretty sure I want to go with an ccorp or scorp as the public entity… I’m trying to figure out how to best set this up from a liability & tax postion before I head off to the attorney to get everything setup.
My personal stance has been “deals are fun” keep it simple and do deals, taxes and asset protection are a necessary evil of what I love doing… Any suggestion on how to best set this up with multiple LLC’s?
Multiple LLC’s into One Management Co. - Posted by Anne_ND
Posted by Anne_ND on February 05, 2007 at 17:49:31:
Ryan,
I had my attorney and CPA get together and hash this out with me in the room (fun! paying two professional hourly rates at one time!). I had done a great deal of research beforehand, and told them what it was I wanted to accomplish, and what I thought would do the trick.
They were pretty helpful- most especially about how to funnel profits into the one entitiy that should have the most losses (due to rehab projects).
The actual structure of your entities is going to vary from state to state and person to person. I’d talk to Bruce Berger about what he recommends for NC.