Correct.
Normally that depends on how you have it structured. I have a PLLC for mainstream biz, an LLC for studio I wholely own both, and then a production LLC which I have a 30% partner.
Luckily the partnership in the LLC is fairly simple, and a single page addendum or whatever explaining he is a 30% limited partner. So it was fairly simple, but I've heard some can get very complicated.
It depends on the complexity, assets, if you have investors, and so forth and so on.
