EIN vs. SSN to start?

[HEB_6_10]

Hi, I am looking to get started contracting pretty soon but I can not decide if I want to start out writing under my ss# or form a business. Im not asking for legal advice just personal opinions. I'm not sure if this will be a long term thing for me or not. Just looking to get my feet wet and see where it takes me.

If you think SSN is the best way to get started, do you also use a business checking account for your commissions?

Thanks for your input!!!

 

[pfg1]

Absolutely, ssn# is the easiest and cheapest, and no you don't need a "business" checking acct. I would have a separate personal checking acct strictly for your business, don't co-mingle with your personal checking. .

 

[Insuranceguy76]

I would just file a llc, tax purposes and for liability purposes it is better.

It may cost you a hundred dollars to file the llc but why mix your personal liability with your professional liability? Even if it is a temporary career one small mistake can cost you thousands!

 

[Tahoe Ray]

I would just file a llc, tax purposes and for liability purposes it is better.

It may cost you a hundred dollars to file the llc but why mix your personal liability with your professional liability? Even if it is a temporary career one small mistake can cost you thousands!

An LLC won't protect an insurance agent from lawsuits the way you describe (just like it doesn't protect most other professionals).

That's what your E&O is for...

 

[HEB_6_10]

An LLC won't protect an insurance agent from lawsuits the way you describe (just like it doesn't protect most other professionals).

That's what your E&O is for...

Thats what I was thinking. I haven't got E&O yet but I'm assuming if anything was to happen I would use the E&O for protection against lawsuits. I'm just not sure if it would be worth it just yet. Seems that lots of people have made a career out of it but I'm just looking to get my feet wet for now to see if it's worth making it my career. Thanks for the feedback.

 

[pfg1]

Thats what I was thinking. I haven't got E&O yet but I'm assuming if anything was to happen I would use the E&O for protection against lawsuits. I'm just not sure if it would be worth it just yet. Seems that lots of people have made a career out of it but I'm just looking to get my feet wet for now to see if it's worth making it my career. Thanks for the feedback.

Yep, just get E&O. If you decide to actually get into this business, you'll at least need a policy to get started. Carriers typically don't appoint you unless you have one, but E&O can be had for roughly $500/yr.

 

[regularAgent]

Selling life insurance is something you must realice by yourself kind of business
Start with your SSN the journey to the beginning it's quite long. Once you are really sure you have what it takes for the life insurance career by then you must have known what you will need to carry on