Wanted to get some opinions on Incorporating or forming an LLC. Is one better than the other for the insurance industry? I don't plan on having any employees. At least not anytime soon.
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
I'm not opposed to a sole prop. I just have people keep telling me that i should inc. or form an LLC. My thing is, i'm new and just getting ready to start marketing. Independent of course. I want to come up with a name to use on flyers, web site and etc. Can i just register a fictitous name? Somebody told me to register an agency with the Dept. of Insurance i had to Inc. or form the LLC???
What's wrong with a sole prop? What is your reasoning for looking at incorporation?
There are plenty of reasons to incorporate. I am not a lawyer so I won't go into all of the reasons but a big one is that you can park your commissions inside the company. Pay yourself a reasonable salary as an employee of the corporation and can also pay yourself dividends out of any excess profits. If done properly the dividends will not incurr medicare and FICA taxation. You can also personally buy a vehicle and lease it to back to your corporation. The lists gones on. Based upon what I know I would go S Corp.
Yea, i do agree with all the benefits of the s corp and LLC. But for now, i was just looking for the fastest way to get started and keep it legal of course. I will initially be focusing on Individual Health because i can go B 2 B for cheap advertising. Once i get of the ground and can afford the leads i want to get more into Life.