Corporate Structure Question for Newby

[joredbud]

Thanks for any insight in advance for my random question

Texas TDI and statutes are a bit vague on an LLC receiving compensation. Do all officers need to be appropriately licensed or just one officer?

Again I appreciate any insight you can share.

 

[EugeneM]

I did not set it up but we had an arrangement a couple years ago were we applied for an out of state license to receive commission in TX. We are in California. In this case only one of the members applied for the TX license.

Again not 100% sure if that is completely compliant but we had no problems. I am double checking for you with a friend.

are you physically in TX? and is the LLC based and operating in TX?

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I just checked with a friend she said The most important person would be the managing member - also on the type of business being written.
However she did recommend double checking with the TX insurance department for confirmation.

 

[joredbud]

I did not set it up but we had an arrangement a couple years ago were we applied for an out of state license to receive commission in TX. We are in California. In this case only one of the members applied for the TX license.

Again not 100% sure if that is completely compliant but we had no problems. I am double checking for you with a friend.

are you physically in TX? and is the LLC based and operating in TX?

----------

I just checked with a friend she said The most important person would be the managing member - also on the type of business being written.
However she did recommend double checking with the TX insurance department for confirmation.

Thank you very much Eugene. I appreciate the follow thru and insight.

I will make a call to the TDI.

I am physically in Texas and the LLC operates in Texas.

Thanks again

 

[EugeneM]

By the way tx is one of the best insurance sales state by volume of ap. So much easier to prospect the cali. Wouldnt beleive how many dinners you get invited to. Lots of top 5% of agents are in tx.