Holding company asset protection and S-Corp election

[Anastassia Satchko]

Good day all! My partner and I have just started actively looking into real estate. We've created our LLC's (one face operating company and one holding company) to put ourselves out there. Our face company will operate out of NC and our holding company was created and filed in WY.

From a tax perspective I believe we structured everything correctly. But we are concerned that we may not be shielded or protected correctly from a legal standpoint.

My partner created the WY company first with the two of us as members. Then we created the NC LLC with the WY LLC as the member. I thought we should have been members of the NC LLC so now we are questioning whether we structured this correctly. Honestly we have been talking about this and researching for months. Have spoken to lawyers, accountants and no one will give a clear answer on how to do it. We finally took action. If our goal was personal liability protection with the current structure did we accomplish it? The cash will be at the WY LLC (NC will not own anything) but we are the members of the WY LLC. Doesn't that create liability there?

Also, in what case would it be wise to file as an S-Corp? It will only be us 2 under our company. Should the S-Corp election be made at the WY LLC level?

Thank you in advance!