Thank you, this was helpful. I was confused on whether or not I needed to get all my appointments changed if I start and LLC. But this also means I have to get my Business Licensed with the Insurance Adminstration in my state also.
Omg so great to watch your video! Super informative. Thank you for sharing this! I’m currently working on turning my private practice into a group practice (LLC) and this is very helpful! I had no idea where to even start until watching this video!
Keeping your business and personal assets, operations, and finances completely are so important. It amazes me how many people don't realize they need to so this. Thanks for this awesome video.
Yes! It's a terrible headache if you've inadvertently co-mingled the assets, Jeff! 😬 Thanks so much for watching--we appreciate your support, my friend!
😊 Those sisters are quite the fashion plates, aren't they, Becca? lol LLCs can be tricky. Let us know if you have any specific questions about LLCs or any other cool insurance stuff!
Question: One owner LLC single family rental property. In terms of separation of personal and business; should I put my LLC property on a completely separate Insurance policy? In other words, not included with my other personal policies?
Property and Casualty isn't our forte--and while we think personal and business should be separated whenever possible, we'd recommend you check with your P&C agent to be sure.
Hi Silvia, hope you are well and thank you for sharing this valuable information. I have a question.. Is there a way to transfer my insurance license under an LLC??
The answer is a qualified ‘yes.’ We don’t like to answer questions specific to individual situations on this platform since there’s rarely a ‘one-size-fits-all’ solution, Abraham. Please give our team a call at 800-388-8342, extension 315 so we can help!
I am an independent insurance agent and considering to start a LLC. Do the LLC also need to have a license to sell in each states as an independent agent?
Hi, if you want to contract your corporation/LLC, then yes the agency will need to pick up the corresponding state license it intends to write business in.
Great advices, thank you ! But I have one question about the signature on the leasing documents or contracts for the llc . What should I sign on them ? Just my company name?
Individuals must sign their names to legal documents. The members (aka owners) of an LLC have authority to sign legal documents as authorized representatives on behalf of the LLC. Depending on the size of your organization you would either authorize Member- or Manager-managed signatories to be able to sign for the LLC.
Can these tips be used for different industries (for example, construction) or do you recommend something else? It's great to learn about the business-side as well as the product and sales side :)
Establishing a LLC is pretty much the same across industries, but give us a call and we'll help you figure out some of the ins and outs of the process.
Thank you for creating this video. I noticed that when I applied with the state for my license, they also license business entities. Should am llc owner do this an then use the business license to get appointed with carriers?
Glad you found us! Setting up a LLC is done for protection and growth, David. While everyone's situation is unique, establishing an LLC will shield you from personal liability. Keep in mind that there are state-specific rules and provisions to be aware of. Where is your agency located? If you have an attorney you work with, we'd recommend you ask their advice, or call your state's Department of Insurance. We're happy to answer what we can at 800-388-8342.
Do you recommend setting up an LLC for a new independent agent just starting out or how long once you go independent should you consider becoming a LLC?
@Lina Perez There are two main reasons to set up a LLC, Lina: personal protection and potential growth. As long as your state's fees aren't too onerous, it certainly isn't a bad idea to establish a LLC sooner rather than later! Give us a call at 800-388-8342. Talk to Edgar at extension 324 about your specific circumstances to see what might be right for your practice.
It might be wise for you to use a PO Box for business, Braylon, but everyone's situation is different. Give us a call at 800-388-8342 and we can help answer some of your specific questions!
Differences between an LLC and a corporation include that an LLC is owned by one or more individuals, and a corporation is owned by its shareholders. Liability issues are, in general, lessened with an LLC.
Thank you, this was helpful. I was confused on whether or not I needed to get all my appointments changed if I start and LLC. But this also means I have to get my Business Licensed with the Insurance Adminstration in my state also.
Thanks, Sylvia, for explaining about the LLC. Agents can use all the help they can get to avoid mistakes.
We appreciate your support, Melanie--let us know if you have any specific questions we can help you with!
That is great, Thank you. I have had some agents asking questions about creating an agency
We're here to help them grow, Charles--have them give us a call if we can help!
Great info. Very useful
Thanks, glad that you find the information helpful!
Omg so great to watch your video! Super informative.
Thank you for sharing this! I’m currently working on turning my private practice into a group practice (LLC) and this is very helpful! I had no idea where to even start until watching this video!
Keeping your business and personal assets, operations, and finances completely are so important. It amazes me how many people don't realize they need to so this. Thanks for this awesome video.
Yes! It's a terrible headache if you've inadvertently co-mingled the assets, Jeff! 😬
Thanks so much for watching--we appreciate your support, my friend!
Great advice! Always protect yourself and your business.
Gotta look out for your own, right? Thanks as always for your support, Jackie!
I have established a corporation in the past and it is not hard to do, it is very important! Thanks for the reminder.
Choosing the right type of designation for your company IS a critical decision--glad if we helped refresh someone's memory on the subject, Tina!
BRB I'm going to go start working out 24/7 so I can steal that adorable outfit!! Love these tips on the LLC items to avoid. So easy to forget!
😊 Those sisters are quite the fashion plates, aren't they, Becca? lol
LLCs can be tricky. Let us know if you have any specific questions about LLCs or any other cool insurance stuff!
I've made some of these mistakes before, thank you for sharing!
@Stephanie Butler--you bet! Glad we could help.
Such great detailed information. Thank you!
Glad we could help, Nancy--
I get these questions quite often, thanks for sharing!
You are most welcome. Glad we could help!
Not knowing how to decouple yourself from your business is a big mistake made in many industries Solid advice
Like a lot of things in this world, Jimmy--it's almost always easier to get INTO something than OUT of it! 😉
I've been thinking about creating an LLC for my side business. Thanks for the great advice!
Glad we could help, Kali!
Let us know if you've got questions--800-388-8342
@@GordonMarketing what kind of side business are you doing maybe we can help each other?
This is great! I'm sure agents that watch this feel much better knowing they can do these things without paying for someone to do it for them.
We believe in asking for expert advise when it's needed, but many of these things can be accomplished by agents on their own, Michaela!
Great way to protect yourself and your business life.
We've got more tips, Nancy--call us if you have questions we could help with! 800-388-8342
Should I setup a separate checking account for taxes with in my LLC? In other words a tax account and business account.
One bank account for your personal monies a separate bank account for your business monies.
Do I have to create a PLLC as an insurance agent?
Question: One owner LLC single family rental property. In terms of separation of personal and business; should I put my LLC property on a completely separate Insurance policy? In other words, not included with my other personal policies?
Property and Casualty isn't our forte--and while we think personal and business should be separated whenever possible, we'd recommend you check with your P&C agent to be sure.
Are there more benefits setting up a S Corp as an Insurance Broker or A single Member LLC. What will save you more money?
Wow, it's really important to keep your business and personal assets separate!
It can cause so many headaches to co-mingle your funds--a little diligence early in the process will save you a lot of trouble!
As always great info
@michael fishkin
Thanks for the support! Do you have any topic suggestions for future videos?
Hi Silvia, hope you are well and thank you for sharing this valuable information. I have a question.. Is there a way to transfer my insurance license under an LLC??
The answer is a qualified ‘yes.’ We don’t like to answer questions specific to individual situations on this platform since there’s rarely a ‘one-size-fits-all’ solution, Abraham. Please give our team a call at 800-388-8342, extension 315 so we can help!
I am an independent insurance agent and considering to start a LLC. Do the LLC also need to have a license to sell in each states as an independent agent?
Hi, if you want to contract your corporation/LLC, then yes the agency will need to pick up the corresponding state license it intends to write business in.
Great advices, thank you ! But I have one question about the signature on the leasing documents or contracts for the llc . What should I sign on them ? Just my company name?
Individuals must sign their names to legal documents. The members (aka owners) of an LLC have authority to sign legal documents as authorized representatives on behalf of the LLC. Depending on the size of your organization you would either authorize Member- or Manager-managed signatories to be able to sign for the LLC.
Can these tips be used for different industries (for example, construction) or do you recommend something else? It's great to learn about the business-side as well as the product and sales side :)
Establishing a LLC is pretty much the same across industries, but give us a call and we'll help you figure out some of the ins and outs of the process.
Thank you for creating this video. I noticed that when I applied with the state for my license, they also license business entities. Should am llc owner do this an then use the business license to get appointed with carriers?
Glad you found us!
Setting up a LLC is done for protection and growth, David. While everyone's situation is unique, establishing an LLC will shield you from personal liability. Keep in mind that there are state-specific rules and provisions to be aware of. Where is your agency located?
If you have an attorney you work with, we'd recommend you ask their advice, or call your state's Department of Insurance.
We're happy to answer what we can at 800-388-8342.
Might be a stupid question: So how do you spend your income on personal things? From your business acct
Keeping good records. As the saying goes: "bring the receipts" -- it'll help you untangle things if you inadvertently comingle your finances.
Do you recommend setting up an LLC for a new independent agent just starting out or how long once you go independent should you consider becoming a LLC?
@Lina Perez
There are two main reasons to set up a LLC, Lina: personal protection and potential growth. As long as your state's fees aren't too onerous, it certainly isn't a bad idea to establish a LLC sooner rather than later!
Give us a call at 800-388-8342. Talk to Edgar at extension 324 about your specific circumstances to see what might be right for your practice.
@Lina Perez
Are you an independent or captive agent, or are your working in an agency?
@@GordonMarketing Independent Agent affiliate with Texas Medicare Solutions FMO
Sounds great, Lina--thanks so much for following us!
Let us know if we can ever help y'all out down there in Texas...
What kind of cost is involved in establishing an LLC?
The primary costs would be your state's filing fees, which run between $40 and $500.
So if i dont have an office address for my business. Can i use my personal address? Or that would be a risk of piercing?
It might be wise for you to use a PO Box for business, Braylon, but everyone's situation is different. Give us a call at 800-388-8342 and we can help answer some of your specific questions!
I did an operation agreement without doing the insurance for my LLC. Can someone help me with this?
Give us a call at 800-388-8342, Kenosha. We'll do our best!
Hi Sylvia, do I need a professional limited liability company(PLLC) or just a LLC to start my independent insurance agency?
LLC is all you need usually.
What's the benefit of setting up an LLC instead of a corp?
Differences between an LLC and a corporation include that an LLC is owned by one or more individuals, and a corporation is owned by its shareholders. Liability issues are, in general, lessened with an LLC.
Are liability issues lessened with a LLC?
Yes, establishing a LLC will make a difference, hence the "Limited" portion of a Limited Liability Company.
Can I give your contact info to an agent who is wondering if he should form an LLC?
Absolutely! Have them call us at 800-388-8342 and we'll be glad to give our best assessment of their practice.
*Sylvia!!
😉
Is there some place that can do this for me?
PM us--we're happy to help!
You can email Sylvia directly at sgordon@gordonmarketing.com
is it expensive the establish an LLC?
No matter how you choose to start an LLC, you will still have to pay state filing fees. Most state's LLC filing fees range from $40 to $500.
I don't know why you wouldn't want to separate your business from your personal just for liability reasons alone!
Great point, Jennifer! It's easy to forget what you're paying from which account and accidentally co-mingle your funds, but just DON'T!