Hi Everyone, I have a question on expense sharing. My client has a 3 LLC's soon to be owned by C-CORP parent and 3 LLC's will become SMLLC's. It is a small company but growing. I'm cleaning up their books right now to separate out expenses since a lot of the expenses are shared. Shared costs include web related software costs, contractor payments, accounting systems among others. What is the right way to separate out these costs? These are being paid by corporate credit card. All three entities share software, accounting systems and contractors to do carry out activities for all three entities. Also, once C-corp is set up, what are costs that can be put through C-Corp without piercing the limited liability protection? I know that SMLLC's owner does not get much protection in majority states but my question is how do I clean up the books in order to protect each LLC's? Thanks bunch!
