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If (say) the construction co got sued, it would not own any assets, and would just go bankrupt, but the vehicles, tools, buildings etc would revert to the holding co since they would be leased.
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Actually you wouldn't typically transfer assets (other than the chosen vehicles) to the holding company. The operating LLCs would typically own their own assets and the holding company would simply...

Thanks for replying. Forgive my ignorance, but what is the difference between deed of ownership and asset rights?

I'm speaking of the sense of assets that don't contain a deed of any kind. You'd...

We own an existing sole proprietorship that is a small construction company. I will soon transition this to an LLC. We own (outright) several vehicles for business use. We also outright own several...