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Reply to Independent Agency Entity Type LLC, DBA, INC?     
Old 06-17-2017, 02:54 PM   #1
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entrep1776 on Independent Agency Entity Type LLC, DBA, INC?
 
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Independent Agency Entity Type LLC, DBA, INC? Independent Agency Entity Type LLC, DBA, INC?
Any help/advice on what kind of entity to establish?

I currently have a sole proprietor for my rental business. Which was fairly inexpensive.

I think it's about $400 to incorporate in Illinois. Which I want to avoid $400.

Would a sole proprietor be ok to get started? in IL have to advertise in newspaper for Doing Business As (DBA) before being able to get bank account opened. Maybe E&O cheaper with LLC? or less liability?

Appreciate others experience.

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Old 06-17-2017, 03:02 PM   #2
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DHK on Independent Agency Entity Type LLC, DBA, INC?
 
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Independent Agency Entity Type LLC, DBA, INC? Re: Independent Agency Entity Type LLC, DBA, INC?
Is an LLC Necessary?

Because you are a licensed individual responsible for your advice and actions, there is no 'asset protection' available for your actions as an insurance agent - regardless of the line of insurance you sell.

There may be other reasons to form an LLC or a corporation, such as if you hire employees (assistant, CSRs, etc). If employees were to sue you, you could be protected by having a business entity because such a suit would be separate from your actions as an insurance agent.

Just my thoughts and not to be taken as legal advice.
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