All Forum Posts by: Jace Holt

At least in Idaho, a business licence is issued by your municipality, not your state. It is a common misconception I have seen. While the state government may have created red tape/permits specifically for real estate, there is not a statewide general business permit. They do however require a state tax ID for sales/use tax for selling in general business to end users. 

Check the secretary of state website of your state in question. If their website is too confusing, give the secretary of state's office a call. Hope this helps!

Timothy, I am not an attorney and am not qualified to provide legal advice.

Per question 1, it depends on what the "fail" is.  If the LLCs are unaffiliated entities (they do not hold interest in each other), they should be safe from each other. 

Some events can pierce the corporate veil. In these events, liability can go "down" to you and "back up" into a separate asset/interest. 

Long story short, don't pierce the corporate veil. This could include: 

• Personally securing the mortgage loan
• Personally committing a tort or crime
• Commingling accounts, other other finances, or assets
• Failure to properly segregate each entity including yourself

Now I don't know your full story, but based on the size of your LLCs and the way you described your money handling, you may have already created a liability for yourself.

Hope this helps! Best of luck!