What Are the Pros and Cons of Using Your LLC to Be a Member of Another LLC?
I am the sole owner of an LLC. I am entering another business venture -- a 50/50 ownership -- with a friend and we are forming a second LLC in an industry related to my first LLC. I am thinking about making my personal LLC the member of the joint LLC, instead of myself. What would be the advantages and disadvantages? I have heard there are advantages like another layer of legal protection, reducing the number of tax entities, etc, but I'd like to know more.