I do not know how to break up my business into smaller entities.

[Brandon Ingegneri]

My partner and I currently own what essentially amounts to a number of rental properties, a construction company, and a property management company all under 1 LLC. What we are looking to do is have several LLC's established to separate everything and minimize exposure. The first would be a holding company for our long term rentals. The second would be a construction company that would service our rentals and our other customers. We are currently in the midst of establishing our own real estate brokerage that will be the third entity.

So, here are the questions that I have.  Should the property management portion of the business fall under the construction entity, or the realty entity?  I do not want to create a completely separate llc just for the property management.  I would like it to fall under one of the other entities.  Additionally, should there be a parent corporation that each of the smaller businesses falls under, or should they all remain independent?

For example... 

X corp which owns:  x holdings, x realty, x construction

or just

x holdings, x realty, x construction with no parent company?

I look forward to everyone's input and opinion on this from legal, tax, and insurance standpoints, etc.