Good morning,
I have established a corporation as a parent company. What I would like to do is now establish a real estate investing company up under this corporation as an LLC. I intend on going into business with another person who does carpentry type work. If we have a business fall out, with me owning all shares in the coropration will I maintain controlling of the real estate company or could their be some legal issues because we were in business together.

From the sounds of it, you would own it all.

Is this friend of yours going to be an employee? A partner in the real estate company?

More details please. Clarify his role.

I'm not sure. That is where my concern comes in if he is a partner versus an officer in the real estate compnay will that bring on issues if there is a falling out. Or as long as I hold controlling interest in the parent company I can avoid a potential business battle

If the investment company is wholely owned by a coporation, then the coporation will be the owner, you can have a contract relationship with this other person, where he can receive a percent of profits in turn for his labor, You can allow him to invest in specific propertyies, but always do it under a specific contract that is specific that he is not a partner but a contractor or employee.

(personal opinion anyway)

One way to be absolutely sure is to simply get him to sign something saying he is just an employee and not a partner.

If you cover all of your basis now, and later he tries to fight you, you will win the case.