Do you, an independent insurance broker, need an LLC?

Insurance Business Babes

Have you ever considered setting up an LLC for your insurance agency? In our latest podcast episode, we delved into the crucial steps of establishing an LLC, shared personal experiences, and discussed the substantial benefits it offers to insurance professionals.

Here's a glimpse of what we covered:

1. Joanna Wyckoff's journey: From obtaining name approval to setting up her entity with the Georgia secretary of state, Joanna shared valuable insights into the process, emphasizing the significant cost savings of handling it herself.

2. The simplicity of the process: Joanna stressed the ease of obtaining an EIN number, applying for a state agency license with the insurance department, and acquiring an agency national producer number to contract with insurance carriers.

3. Managing 2 separate LLCs: Addressing concerns about workload, we discussed the manageable nature of this process and the professional image it conveys for business owners.

4. Retirement savings options: We explored opportunities such as solo 401(k)s and SEP IRAs, shedding light on their tax benefits and flexibility. Kathe uses a company called Broad Financial to help her with the paperwork and self-administration of her solo 401(k).

5. The necessity of an LLC: We underscored the importance of LLCs for risk mitigation, succession planning, and smooth business continuity, with real-life examples demonstrating the significance of this legal structure.

6. Implications on personal income and assets: From navigating Medicaid and ACA subsidies to making informed decisions on additional income opportunities, we delved into the financial implications of business ownership.

As always, we love sharing our personal experiences, engaging with your feedback, and unveiling insights that can propel your insurance business to new heights. Stay tuned for next week's episode, where we'll cover appointing agents in the downline and LOAs (Letter of Appointment)!

Are you ready to level up your insurance business with an LLC? Tune in to the podcast episode for an enriching discussion on the topic!

Joanna Wyckoff from Topflightagent.com and Kathe Kline from CertifiedMedicareAgents.com talk about building a Medicare Insurance Agent business. (Use the code Babes2024 to get a free Bronze membership in the CertifiedMedicareAgent.com directory).