Signing Up with an FMO As an Individual or in My Company Name

[Franz Kafka]

I would get the agency licensed. One way you could do it, but I would consult a tax attorney first, would be to 1099 the corporation all of the money. For example, my wife works for an organization and when the employees there get consulting work they give the money to the organization and they just draw their salary. The IRS might see that for as transparent as it is if you do that, even if it was within the letter of the law. It may just be easier to have everything paid to the agency. If you're married and want to be able to pass this agency on to your wife or if you have kids and you want to make it a smooth transition, getting the agency licensed makes a LOT of sense.

Thanks - that's what I have heard as well. One of the carriers that I use makes deferred comp contributions on renewals so I need to get paid at least by them as an individual.

 

[VolAgent]

Thanks - that's what I have heard as well. One of the carriers that I use makes deferred comp contributions on renewals so I need to get paid at least by them as an individual.

You might want to check into that. If you are referring to Ohio National, they will pay the deferral to the Master Agency of a corporate appointment. Other carriers might do likewise.

 

[Franz Kafka]

You might want to check into that. If you are referring to Ohio National, they will pay the deferral to the Master Agency of a corporate appointment. Other carriers might do likewise.

I must have misunderstood the regional. I'll check again. Thanks Vol!

 

[arnguy]

Elder, are you a former employee of the IRS? Are you bound to by oath to secrecy? Just calling it a FACT does not fly here. State the source.

 

[senior-advisor-indiana]

Arnguy, if I remember right you are actually a former IRS employee. What do you think about the S corp?

 

[elder]

Elder, are you a former employee of the IRS? Are you bound to by oath to secrecy? Just calling it a FACT does not fly here. State the source.

Yes, I am bound to a handshake for my secrecy. I mentioned before that I will not release my source. But here is a hint; the source is a very highly respected & well known tax attorney who was a senior vp of taxes for a MAJOR US corporation, and I do mean MAJOR corp. I do know it for a fact, because i've had personal experience with this exact subject. I've had 5 corporations of my own, all Sub-S.

I said I was out of this thread, but you enticed me back in for one last time. Check it out for yourselves, ask your accountant or a tax attorney, do some research online. But don't you owe to yourselves to check and see. It's only money, and I prefer to keep as much as possible.

Good luck.

 

[Todd King]

Yes, I am bound to a handshake for my secrecy. I mentioned before that I will not release my source. But here is a hint; the source is a very highly respected & well known tax attorney who was a senior vp of taxes for a MAJOR US corporation, and I do mean MAJOR corp. I do know it for a fact, because i've had personal experience with this exact subject. I've had 5 corporations of my own, all Sub-S.

I said I was out of this thread, but you enticed me back in for one last time. Check it out for yourselves, ask your accountant or a tax attorney, do some research online. But don't you owe to yourselves to check and see. It's only money, and I prefer to keep as much as possible.

Good luck.

Okay then, what source is he quoting from? I don't care who he is, if he were to show up in court do you really think they just "take his word" or would he be citing some laws and regulations by reference?

Besides that, if it's that major of a corp that he is with, they are probably a C Corp, not an S Corp. Different set of rules there.

I still call BS on you Elder!

 

[elder]

He/She is private now. You posters that want to argue, stop waisting my time. Call your accountant or tax attorney. I tried to give the OP some advice based on MY experience, and you guys, not posting your own experience just want to argue. If you have some real expereince, then tell us. If you can provide links that will prove your point, then do so. Otherwise, go argue with someone who will listen to you.

I will not and cannot provide any more information. I gave my word. I must ask though, would you provide your source that you gave your word to that you wouldn't? If so, good luck with that in the future.

 

[senior-advisor-indiana]

If it is legal then why is it a secret Dan?

 

[elder]

is what legal Mike? signing up for an entity license, yes. Starting up a sub-s corp, yes. Doing and switching your contracts as a s-corp, yes. Saving or paying less taxes, yes.

The only secret is how I know, and as far as why I won't share the source, that would be honor.

Come on, do you really think the large brokers are not incorporated, really?