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Author Topic: passthrough corporation?  (Read 2501 times)
nutballs
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« on: December 03, 2008, 03:11:20 PM »

If there are two LLC's, that want to partner under 1 company name, with 1 bank account etc. All money would just pass through so the parent company has no assets, no profit.

What is that called? And is it basically just setting up an LLC with two LLC's listed as the members?

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vsloathe
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« Reply #1 on: December 03, 2008, 03:58:20 PM »

Perk should correct me if I'm wrong, but my understanding is that you're absolutely right. LLCs are commonly structured as passthrough entities. I think it's more common than not. That's just to ensure you're not taxed twice, or in this case thrice (again, I could be wrong on the finer points).
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« Reply #2 on: December 03, 2008, 04:25:33 PM »

Once upon a time, when I was young and virile, I was the manager for a business combination like you describe.  It was called a 'joint venture'.  Three corporations, one venture.  Separate and identifiable business objectives from each owner.

The joint venture could make no profit nor suffer any loss.  Each of the owning corps contributed their share of operating capital and rec'd their same share of any revenues.  The expenses of the joint venture were passed directly to the members on the same percentage basis as their ownership percentage. 

The venture had it's own employees, reporting to moi (heh), and I reported to the board  - comprised off a member from each of the owning corps.  Politics between the owners was the downfall of this particular venture.



http://www.osti.gov/energycitations/product.biblio.jsp?osti_id=5101795

Quote
Description/Abstract A propane-storage facility in a salt dome near Hattiesburg, Miss. is being built by a joint venture of Fenix and Scisson Inc., Lampton-Love Inc., and Sun Gas Terminals and Storage Inc.^The facility, which will be put into service in the second quarter of 1978, will have an initial capacity of 42 million gal and will be expanded to over 126 million gal by the third quarter of 1979.

 
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[quote Nutballs]
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perkiset
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« Reply #3 on: December 03, 2008, 04:58:37 PM »

What is that called?

"Strong" or "Cool." Equally compatible.

And is it basically just setting up an LLC with two LLC's listed as the members?
Pretty much. However if you want to be squeaky with it and are concerned, I have a number you can call.
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nutballs
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« Reply #4 on: December 03, 2008, 07:14:02 PM »

yea shoot me her number. I never got around to it last year and cant find the number, and think I am about to need some fairly complicated corp setup.
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perkiset
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« Reply #5 on: December 03, 2008, 11:04:40 PM »

On the way.
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