I heard this from an agent before but I want to make sure we both understood each other properly.
I have an owner of a company (100% owner) with about 85 employees. He has BCBS for them and has the whole shebang- 401K, group life, health, DI, AFLAC, sick days, etc. etc. etc. from different companies.
The owner also has another company with 3 employees in it, 2 are full time and one more will be full time later. He is 100% owner of that company for now and will partner with someone in the future for 50% ownership of the 3-person shop. That shop will eventually grow to maybe 5-6 people, though no timeframe on that.
Both companies are office-only workers. He doesn't own a roofing company and a telemarketing firm, for example. There is no significant change in risk between one company and another.
These companies are not under one corporate umbrella, they are independent of one another but partner with each other for good customer service and 2x the profitability. It's sort of like owning a pet shop and butcher shop next door to each other
My question is this: Can the owner carry over some, all, or none of those benefits from the large group to the smaller group? What would the process be and what are some of the things to look out for? This is for the state of NC if it matters. I was told by another agent that you can do that if you have common-ownership in both of the companies.
I have an owner of a company (100% owner) with about 85 employees. He has BCBS for them and has the whole shebang- 401K, group life, health, DI, AFLAC, sick days, etc. etc. etc. from different companies.
The owner also has another company with 3 employees in it, 2 are full time and one more will be full time later. He is 100% owner of that company for now and will partner with someone in the future for 50% ownership of the 3-person shop. That shop will eventually grow to maybe 5-6 people, though no timeframe on that.
Both companies are office-only workers. He doesn't own a roofing company and a telemarketing firm, for example. There is no significant change in risk between one company and another.
These companies are not under one corporate umbrella, they are independent of one another but partner with each other for good customer service and 2x the profitability. It's sort of like owning a pet shop and butcher shop next door to each other
My question is this: Can the owner carry over some, all, or none of those benefits from the large group to the smaller group? What would the process be and what are some of the things to look out for? This is for the state of NC if it matters. I was told by another agent that you can do that if you have common-ownership in both of the companies.