Well, I just know that if I owned a rental, I would put it in an LLC. It will protect my other assets if someone fell and was hurt and then I was sued. Just wondering if I am sued, will an LLC offer me an additional layer of protection beyone my E&O coverage? We live in such a litigious society that I don't want to put my family's assets at risk doing this business.
Well, I just know that if I owned a rental, I would put it in an LLC. It will protect my other assets if someone fell and was hurt and then I was sued.
Ah,, my other love in life....REAL ESTATE. Where did you find out information that a LLC would protect you assets if somebody was to fall and hurt themselves on your property. You are not entirely correct. It is a lot more complex than simply setting up a LLC on 1 or several real estate properties.....
Just wondering if I am sued, will an LLC offer me an additional layer of protection beyone my E&O coverage?
The E & O coverage should be sufficient if you are doing things ethically and honestly. Remember, somebody has to "prove" you did something to win. The only thing an LLC really does is makes it a bit more difficult to find the owner (and a few other things off the topic), but there are legal ways of knowing what you do or do not own and going after that property. Here is an introduction article on the subject of holding property http://www.johntreed.com/entity.html
We live in such a litigious society that I don't want to put my family's assets at risk doing this business.
One of the lines I use w/ some people is that "I not only protect your business and families health and assets, but I also protect my business and ability to review your options on a yearly basis by not recommending plans that are going to land us all on 20/20" Normally I get a laugh or they start going off about the media, lawsuits, etc. etc......
------------------------------------
[COLOR=#000066]"Tell me and I will forget. Show me and I will remember. Involve me and I will understand." Confucius
A very well known financial planner and real estate investor recommends putting all investment real estate in to its own LLC. Now, he does say that you still need insurance, but this will protect you assets including other rentals. His website is www.raylucia.com. He has a nationally syndicated radio show. He's the only financial planner that I will listen to. You can listen to archives at national business radio website. You should listen, he's really good.
Funny that you bring up John T Reed. I have a few of his "books."
BTW, I'm not trying to hide from my clients, I just want to protect our assets if I make a mistake and get sued.
A very well known financial planner and real estate investor recommends putting all investment real estate in to its own LLC.
I would have to see the exact terminology to see what he is talking about because many guru's advocate using LLC's for various reasons that aren't accurate and unnecessary. CT just enacted a law a short time ago requiring landlords to hold title to their properties via their name and prohibited any type of corporation set-up.
MD recently enacted "foreclosure laws" making the foreclosure market tougher to navigate because too many people flooded the market with their get rich quick books and got their ass handed to them. The various entities can protect things, but it is state/area specific....especially if you live in a Liberal area.
Now, he does say that you still need insurance, but this will protect you assets including other rentals. His website is www.raylucia.com. He has a nationally syndicated radio show. He's the only financial planner that I will listen to. You can listen to archives at national business radio website. You should listen, he's really good.
Bob Bruss in California knows he stuff because he is an active investor and a lawyer. but like everything in life, you have to check the facts jack no matter the source.
BTW, I'm not trying to hide from my clients, I just want to protect our assets if I make a mistake and get sued.
You might want to rethink that approach. The only people that should know somebody's net worth is a spouse, an accountant, and a lawyer. Everybody else can get a simple, "I make a good living!"
You don't need LLC. From my brother being an attorney I'll give you some "lawsuit 101." Although we are indeed plagued with lawsuits most are against companies. Most person vs person lawsuit are small civil cases.
Once you establish a business entity you might actually be the target of a lawsuit that otherwise would not be filed. Why?
Attornies have their weird thing about getting paid. If they believe they have a good chance of winning or getting a settlement they'll work for a percentage of the judgement.
However, if they don't like their odd and no settlement is on the table they now want their client to pay upfront for their services. They'll also advise their client that the chances of actually getting "$100,000" out of "Joe Smith" are next to zero. Joe Smith will just file for BK.
------------------------------------ Health Insurance Agents: Training, Support, Discounts, E&O for $440 www.ihiaa.com
Free legal advice: dont waste $ on setting up an LLC. 2 problems with the theory- if you alone are operating the LLC it wont do any good whatsoever.
1) Courts have repeatedly "pierced the corporate veil" and allowed the true owners to be sued.
2) the second reason people set up LLC is for tax benes... as apposed to a traditional C corp. (no flow through taxation, but you wont have that as a sole prop either). there is no tax benefit for you.
Hi everyone..I am a newly licensed life, health and va agent in Florida, heard about efinancial and signed up immediately concentrating on term until it all sinks in. I am a real estate broker who is now officially broke since the bubble burst and I truly love sales and am trying transition into a recession proof business in which I pray, I will succeed. I was wondering what ideas or suggestions anyone may have in regard to drumming up business as funds are low. I just laid out e&o insurance $, aliss set up, and I am applying for 10 non resident licenses. The thought of budgeting 300 per week initially on leads scares me as I do not know the lingo or the business enough to confidently convert the leads to sales. Would like to explore cheaper lead methods and learn for a few months then committ to leads on a weekly basis. Of course I am started with my sphere of influence and past clients, whom I am sure now want some type of security for their families since their home equity piggy bank is broken! Please advise I appreciate all of the wonderful posts and invaluable information you post on a daily basis.
Do not buy leads when you're new - leads are for more senior agents. Grab a phone and start making calls. You'll be generating leads for free while you settle in and get comfortable. Grab some flyers also and go BtoB.
I got all hyped up on the lead ting and jumped into it. Now I realize not ready for leads yet! Besides paying my utility bill do you have any insurance related advice for me?
Unfortunately, I don't know the Florida market. John's advice was sound (see above).
Try a few different things and see which ones work the best. Don't worry about not getting a sale on the first contact. It's a breaking-down process and many of your prospects will buy from you 3-24 months down the road.
do all companies pay commissions monthly if not how do you talk them into annually
Most don't. In my state, no one does. Typically the only a few carriers do, including Golden Rule and Assurant. Others can probably fill you in better.
I am an experienced carrier rep and am looking to start an agency in Atlanta. I have Group Ancillary lines experience (dental, life, disability, vision) and limited Medical experience. Little Help!
Looking for advice on:
- LLC vs. S-corp
- Whether to get appointed with several carriers, or use a wholesaler?
- Estimations for group size = commissions (for business planning needs)
- Training available from carriers
- ANYTHING ELSE YOU CAN THROW AT ME!
After initiating a career change into Health and Life Insurance, as captive agent in both cases (2 seperate companies) and basically failing miserably within these companies structure, I have to wonder if there is a reasonable way to make an "honest" living in this business.
I worked hard for the licensing, but it has afforded next to no way to survive with my prior affiliations.
I have seen the NEED for Health Insurance, and feel that that, is half the battle. (No - don't mean supplemental - I can't tell you how many businesses or persons approached would say,.."Is this health insurance?" and how old the coached, canned response of ..."well yes,....but not as you know it..." became.)
Obviously, this could go on for a long time, so I'll abbreviate.
I consider myself to be perhaps slightly above average in general intelligence. All I'm looking for is a legitimate, honest alliance, with an angency or company(ies) that, with an honest weeks' work, will permit me to earn approx. $50K year, within the first year, or shortly thereafter.
I'm looking for "some" structure and support, but want to work from an in home office environment, and utilize technology (not endless driving at $3.25/gal. - and all the ducks in the world won't propell your car) to sell efficiently.
I am licensed currently, in PA and MD, in Health and Life, and have been trying to navigate this maze of possible opportunities for awhile now.
Any feedback appreciated.
Are there any large Indep. agencies in your area? Perhaps they could bring you along. Of course, you need to check their payout structure and a myriad of other things as well.
This Forum has a lot of information. I would read through the "Individual Health" section.
You can prospect the SE for free and find some decent lead companies where you can wade in slowly...focusing on your local area.
Hi everyone..I am a newly licensed life, health and va agent in Florida, heard about efinancial and signed up immediately concentrating on term until it all sinks in. I am a real estate broker who is now officially broke since the bubble burst and I truly love sales and am trying transition into a recession proof business in which I pray, I will succeed. I was wondering what ideas or suggestions anyone may have in regard to drumming up business as funds are low. I just laid out e&o insurance $, aliss set up, and I am applying for 10 non resident licenses. The thought of budgeting 300 per week initially on leads scares me as I do not know the lingo or the business enough to confidently convert the leads to sales. Would like to explore cheaper lead methods and learn for a few months then committ to leads on a weekly basis. Of course I am started with my sphere of influence and past clients, whom I am sure now want some type of security for their families since their home equity piggy bank is broken! Please advise I appreciate all of the wonderful posts and invaluable information you post on a daily basis.
Linear Mode
