I'm the owner of a child care business (a) and in the process of purchasing a second child care business (b). For certain state funded food programs we would need B to have same tax ID as A. I know this is possible and aware of some of the liabilities this would create. So my question is how can I avoid these liabilities?
Can multiple LLCs be under one parent/umbrella/holding LLC and use the same tax id number as the parent LLC?
Two insurance policies?
Thanks in advance!
JaroddBusiness A has zero assets and the assets of B will be placed in a separate corporation. With that being said, if either A or B is sued and awarded more than our insurance policy what would be the ramifications? If A and B has zero assets then whats at stake?