Multiple Company Setup Question

[Mike or Penny Novack]

On 4/30/2016 11:15 PM, Don Ireland wrote:
> Thanks for all the thoughts everyone. After I got to thinking about it more, it's not like the asset (property) owned my each LLC will always have an up-to-date appraised value listed anyway.  So I guess the second issue is mostly moot.
>
> The asset accounts will be fluid enough that I COULD track each company's value to a degree but that still wouldn't be accurate without an accurate appraisal.  I guess it might be more of an issue if I were in a different type of business with assets that didn't need appraisals.
Perhaps more to the point, Don, on what BASIS are the books of the trust 
being kept? The books of each of the LLC's? If each LLC has a bank 
account separate from the trust's bank account, how and when are 
transfers between done. NORMALLY a corporation transfers profits to its 
owner(s) by a process where first that is formally decided (to do so as 
of some specified date) and then later the actual transfer occurs.

Yes I do understand, the trust is the only "shareholder" and totally 
controls these LLCs, but being able to choose the dates at which 
transfers occur can have tax considerations. As does the possible 
difference between "income" and "capital gains".

Michael D Novack