Hello and thank you for the help.
My first question regards my partner and I. I am getting into Group Benefits (health/dental/vision). I have a partner who is in another field but has an excellent business network. He is not licensed in health insurance...I obviously am. If I gave my partner 10% of my company for access to his network is that legal? 10% of all my commissions, not just the ones I got from him. He would be apart of my company. The only reason I am iffy is because he is not licensed and I think this seems like "commission splitting" but he would also be working with business development, company structure, etc.
Secondly, if this legal could I bring this into an insisting structure. For sake of an example say my Uncle owned a small Group Benefits business and told me I could use his office/ secretaries/ credited business name etc. to begin my practice and build my book. I wouldnt be paid by my uncle or use any of his book, just his infrastructure etc. Could I still bring my partner into this type of set up or would I need to develop a new LLC. to clearly define this 10% partner 90% me structure.
Sorry for the long post and I appreciate your help!
Nick
My first question regards my partner and I. I am getting into Group Benefits (health/dental/vision). I have a partner who is in another field but has an excellent business network. He is not licensed in health insurance...I obviously am. If I gave my partner 10% of my company for access to his network is that legal? 10% of all my commissions, not just the ones I got from him. He would be apart of my company. The only reason I am iffy is because he is not licensed and I think this seems like "commission splitting" but he would also be working with business development, company structure, etc.
Secondly, if this legal could I bring this into an insisting structure. For sake of an example say my Uncle owned a small Group Benefits business and told me I could use his office/ secretaries/ credited business name etc. to begin my practice and build my book. I wouldnt be paid by my uncle or use any of his book, just his infrastructure etc. Could I still bring my partner into this type of set up or would I need to develop a new LLC. to clearly define this 10% partner 90% me structure.
Sorry for the long post and I appreciate your help!
Nick