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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

Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: General
Satisfied Customers: 1507
Experience:  Run my own successful business/contract law practice.
18572087
Type Your Business Law Question Here...
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Business Lawyers are online & ready to help you now

Dimitry K., Esq.
Attorney
Satisfied Customers: 1507
Run my own successful business/contract law practice.
MShore Law
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Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
FiveStarLaw
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25 years of experience helping people like you.

Recent Parent Company Questions

  • I had a loan with a friend company I worked

    I had a loan with a friend company I worked his wife owned. it was written by an attorney, but was only between mean his wife. She passed and he remarried three years later. The loan was never in his name and when she died I still made payments
    just because I felt I owed them both opportunity they gave me. I did not make the payments when I did not have it and that was fine with him. He never turned the money in on his taxes as far as I know,. He remarried and the second wife had nothing
    whatever to do with the loan. He had moved from Virginia to South Carolina. He passed away a couple of months ago and his new wife want to settle the loan fourth of what is owed. There was no will from his first wife whom I had the loan with and for
    other reasons his name could not be connected to the loan of company. the second wife wants a attorney to FAX a paid in full signed by her if I pay the money she is asking for. I think she knows she is not due anything. My question is " Is it not a bad idea
    to accept an copy of a paid in full agreement by fax? I offered to have the document FedEx and she said no, her attorney said it could be faxed. Should I accept a fax receipt of a loan paid infull.
  • What is required to reinstate a company that was once owned

    What is required to reinstate a company that was once owned by someone else and is inactive with the state? Do I need to obtain rights somehow from the original owner? How can it be done where the company retains its original EIN number and other pertinent
    information?
  • Barrister: I have another questiion regarding my sister

    Barrister:
    I have another questiion regarding my sister and mom's estate. This is tiring me, but I need to know to be prepared. Mom did not leave a tangible property list of her items and who was to get what. But she did say verbally many times that she wanted us to choose her valuable jewelry taking turns. Some of her jewelry was very valuable in jewelry and gold coins. All of us agreed to take turns. Wow an agreement! Several weeks ago we had a choosing session after it was all appraised so the values were known. My sister said that she would keep a column of us and note down what we chose and total the column's value at the end. She never said the columns HAD to be equal, but she did say that one who has more than another gets less cash from the estate and one who has less in gold gets more cash from inhritance to equal out the value of our entire inheritance receipt. Quite frankky I am tired of her mission to target me because this what happened. There were a lot of items, so when we got to the end, there was a gold bracelet that no one wanted because it was not anyone's taste. It's value is just over 2k. That means someone who choses it, basically is buying from the estate and sees less cash. Unfortunately, it was the last item and my turn. I verbally stated I did not like it or want it. My sister then said I HAD to take it. I said no I don't. Twice she tried. Twice I responded no. My brother then offered to take it saying he could personally sell it. My sister yelled at him not to do it saying it was not fair. I felt she did not want me to have the cash of it in value. My brother twice said he would and she backed down letting him have it. Now today, weeks later she emails a spread sheet of our total columns on that days choosing of the gold and jewelry with each item listed and the values placed with the right person. My column is about 2k lower than my sister and 6k lower than brother. Without the bracelet, brother would be 4 k
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