Producer Setting Up Business...HELP!

[AgentAlvarez]

I'm a producer and I'm comission only, so I'm not an employee of the Agency I work for. I'm strictly on a 1099. With that being said, I am currently operating as a sole proprietorship, but would like to see what others have done. Are your producers set up as an LLC? Also, I live in MD, but the office is in DE so DE is where my resident license is. If I go to an LLC should I use the office address in DE or should I use my home address in MD?? I also need to know if I stay sole proprietor if I should use a DBA like Alvarez Insurance etc.....I'm so confused! Thanks for the help, I need all the advice I can get!

 

[iiinycboi]

Some people will tell you to just stick to sole proprietor and work from home, to keep overhead low.

i went with S corp over LLC and have my own office. Its really not needed, i coulda saved some money and just rented a table somewhere and operated as a sole proprietor. Now i have to deal with indy and corp licenses. And i think e&o is more expensive for corps.

 

[AgentAlvarez]

Good to know! Thanks

 

[VolAgent]

Did you speak with the department of insurance in MD or DE? I thought you were supposed to have your resident license where your home residence is, not your business office.

 

[Focus LTC]

Did you speak with the department of insurance in MD or DE? I thought you were supposed to have your resident license where your home residence is, not your business office.

Yes, very true. As an MD resident, you need an MD resident license and a Delaware non-resident license if you write in DE. You are in violation and should get that changed asap.

 

[AgentAlvarez]

Actually, you can have a resident license in either the State you reside in OR the State where your office is. I had contacted both MD and DE 4 years ago when I started in the DE office. Both advised you may have a resident license in the State your office is located. So, they made my resident State DE and I hold non-resident licenses in DE, NJ, PA & VA. I used to have my resident license in MD and had them flip it. Not in violation as far as the licenses go.

 

[VolAgent]

Learn something new every day, but nice to see you checked instead of assumed.