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Parent Company Related Questions

What is a parent company?

A parent company is company that owns enough voting stock in another company to control and manage the board of directors of the subsidiary. Read below where five of the top questions about parent company have been answered by the Experts.

If someone owns two companies, one a 'parent company' and the other is a trading company, with two different tax ID numbers; if one is in collections, can the lawyer pursue the other company for the debt owed?

Normally, as long as they are divided officially authorized entities, the parent company will be protected from liability for the amount outstanding of the first, as long as the defaulter corporation is a real officially authorized entity such as a restricted liability corporation, a restricted joint venture, or a business. On the other hand, to have that split status, they will require more than divided tax id numbers. They have had to be made, and accepted as officially authorized entities by the state. If that is the situation, then the parent corporation is secure except if it guaranteed the debt or there was a mixing of the assets of the two companies.

If someone has a "parent" corporation now can they add subsidiary corporations under the "parent" corporation and if so, does the parent corporation have the liability from the subsidiary corporation?

Parent corporations are allowed to have their own subsidiaries. The legal responsibility of the subsidiary stick with the subsidiary and the legal responsibility of the parent stick with that parent, guessing that split company individualities are upheld and official company matters are separated among both entities (both have split bank accounts, split books, split company records, etc.)

Can a chairperson of a parent company, be a director of a subsidiary company that the parent company owns? Is this legally possible to do?

There is nothing mistaken with that agreement at all. No bylaw forbids holding bureaus in each parent and subsidiary businesses.

Can a parent 501c3 organization allow remote sub-organizations to setup their own bank accounts?

If there are not for earnings and are a branch of the mission report when the individual filed for 501(c) (3) status, or else the individual might end up having an issue with the parent company.

How can an individual bring two companies under a PARENT Limited Liability Company (LLC)?

This is probable, and this is done every day. The individual will need to form Parent LLC and the individual will move ownership of both LLC companies to Parent LLC. At this time, as long as the individual holds finances of Parent LLC part from both companies and does not mix the three entities totally then they cannot pierce the corporate veil to get at Parent LLC for some liability of the other two. As far as if the individual ought to do it, all depends if the individual wishes to take their name off of the other two LLC companies and additional protect their selves from legal responsibility for those LLC's then the individual needs to do so. This all is really simply up to the individual.

Many questions can arise when discussing Parent company. People would want to know detailed information regarding Parent company. Such as: parent corporation, immediate parent company, and parent company liability for subsidiary. At times, this results in legal questions. Experts can answer your questions in an efficient and knowledgeable manner. People can get legal insight to help them find an option that is best suited to their individual needs.

Ask a Business Lawyer

Law Pro
Law Pro, Attorney
Category: General
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11688690
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How JustAnswer Works:

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Business Lawyers are online & ready to help you now

Law Pro
Attorney
Satisfied Customers: 1767
20 years experience in business law - sole proprietor, partnership, and corporations
Dimitry K., Esq.
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Run my own successful business/contract law practice.
MShore Law
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Satisfied Customers: 1233
Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements

Recent Parent Company Questions

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    I have an agreement with a contractor whose corporate office is located in Belgium. The contractor is a subcontractor at an industrial plant in Louisiana. I have not received payment on two invoices totaling more than $35K
  • I am an independent contractor RN. I was told to LLC my

    I am an independent contractor RN. I was told to LLC my business. I work for a couple of agencies but also plan to create products that will help me as an independent contractor that will possibly boost my business. I plan to work as a nurse independent
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  • Hi. What types of Causes of Action for Negligence are there

    Hi. What types of Causes of Action for Negligence are there for banks for actions that result in serious financial damage to a person or a business? What elements have to be established, and how many or which employees and/or bank officials must be shown to be involved in or grossly ignorant of the actions within a bank that resulted in such damage for it to be a solid case?
    An example would be misclassifying financial transactions as fraud and then destroying large scale business deals in the process.
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