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Message: <blockquote data-quote="Saracenus" data-source="post: 8484433" data-attributes="member: 47839">Our structure is really a single Parent LLC over two other LLCs. The the sibling LLCs are protected from one another but the Parent can be put into play if the child is sued. The only reason we are structured this way is the Parent LLC has little or no assets to go after and it simplifies the Federal and State tax filings. If we wanted to all three entities equally protected we would have 3 different Tax IDs and the managing LLC would just bill anything it needed (reimbursing Accounts Payable stuff like Lowe's or any other vendor).Just as a side note we are in the process of moving to a structure without a parent company and each entity will be completely siloed. We sold a property and that LCC is gone leave only one Child left with the Parent and that just doesn't make sense.Anyway, to the lay person it is just easier to say that taxwise the Parent is the company and the children are DBAs. And in Oregon our CPA refers to the child entity as a DBA. So, that might be an Oregon thing.Sorry for the derail off the topic at hand but these details are important when you get a penalty phase of suit and a lot of people just don't have a clue how businesses are structured and function in a legal and financial way.When I got to my accounting capstone my professor told us to took at each other and then proceeded to tell us the most chilling thing in my academic career, "You all in this room are in the top 5% in the US, if not the world, that understand how economic/financial/accounting systems work."We all looked each other had that sinking feeling because we all understood how little we knew. We were all ready to go apprentice to really learn our profession and that we were in that rare air was not comforting.</blockquote>

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