New, quick question…

[WolfOfInsurance]

Hey all,

I’m new, just getting ready to apply for life.

I’m setting up an S Corp as I don’t want to be paid under my personal name for tax purposes.

When going to NIPR it asks if I want to apply as a business or personal. I would assume it would be business but when I went through the process it comes to a question:

Identify at least one Designated Responsible Licensed Producer (DRLP) responsible for the business entity's compliance with the insurance laws, rules, and regulations of this state: Review state specific rules and requirements related to DRLP's at [https://nipr.com/licensing-center/state-requirements].

So do I just apply for my license as an individual, and not a business?

Can I still be paid in my company name from the insurance companies I work with if my license is under my personal name?

Also does anyone know how long it would take to get my license using NIPR for a California; Life?

Thanks, just want to clarify.

 

[Tahoe Ray]

Hey all,

I’m new, just getting ready to apply for life.

I’m setting up an S Corp as I don’t want to be paid under my personal name for tax purposes.

When going to NIPR it asks if I want to apply as a business or personal. I would assume it would be business but when I went through the process it comes to a question:

Identify at least one Designated Responsible Licensed Producer (DRLP) responsible for the business entity's compliance with the insurance laws, rules, and regulations of this state: Review state specific rules and requirements related to DRLP's at [https://nipr.com/licensing-center/state-requirements].

So do I just apply for my license as an individual, and not a business?

Can I still be paid in my company name from the insurance companies I work with if my license is under my personal name?

Also does anyone know how long it would take to get my license using NIPR for a California; Life?

Thanks, just want to clarify.

You need to be licensed personally as well in each state in which you want to license an entity.

Get the individual license first, then you'll be able to license your entity (and you'll be listed as a sub-producer/DRLP on the entity license).

 

[WolfOfInsurance]

You need to be licensed personally as well in each state in which you want to license an entity.

Get the individual license first, then you'll be able to license your entity (and you'll be listed as a sub-producer/DRLP on the entity license).

Does the entity need to pass an exam? How does the process of getting an entity licensed compare to getting personally licensed?

Also, I wanted to make my wife the only owner of the Corp I’m setting, for tax purposes. She won’t be licensed. Is that ok for an owner of the company to not be licensed?

thanks

 

[Tahoe Ray]

Does the entity need to pass an exam? How does the process of getting an entity licensed compare to getting personally licensed?

Also, I wanted to make my wife the only owner of the Corp I’m setting, for tax purposes. She won’t be licensed. Is that ok for an owner of the company to not be licensed?

thanks

The entity needs a licensed sub-producer. So you license in the states you want to be licensed in and then license the entity with you as the sub-producer. It's basically the same process through NIPR or Sircon (although you may need to register your business with the state to be legit in some states) just double the fees, YAY!

I don't know have any experience with someone unlicensed being owner of the LLC that you want to set up as your licensed entity. There's probably a way to do it so maybe someone else can chime in on that.

 

[PrivClientSG]

Hey all,

I’m new, just getting ready to apply for life.

I’m setting up an S Corp as I don’t want to be paid under my personal name for tax purposes.

Being that you are new to the industry, you really should talk to a qualified, quality CPA, and once who has experience working with these types of professionals. Earning commissions as an individual producer, in your name, whether it be as a statutory employee (W-2), broker/producer/etc. (1099) -- versus setting up an entity and having the commissions paid to that entity, are two completely different things. You are comparing apples and bowling balls. Good luck!

 

[ehall2]

I am in Georgia. I license and contract my corp, then I license myself as a licensed producer under the corp.