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...d Life commissions, fee income, contingent income, and investment income. Reve...nses as country club dues, automobile leases for non-employee family members, ...

...ding premiums, loss ratios, and contingents earned. Are all contracts assigna... Types of coverages purchased through the agency an...

... to start the LLC. The LLC's identity might not show on the declaration sheets or be know to the public at all; or it may be publicized for marketing purposes. The LLC has a master producer code, and the member agencies each have subproducer codes. Contingent bonuses might be shared equally, or based on relative production with the various carriers. The LLC itself might have no employees; each agency, perhaps in different cities, would retain its own staff. Entity format. Each agency might actually contribute its accounts directly ... sell agreements. It's important to note that LLCs aren't the same as limited liability partnerships (LLPs) . LLPs are mostly for classic professional' firms, such as those comprised of CPAs or attorneys. They don't protect members from commercial-type debts, such as a premises lease, or from their own professional malpractice; but they do provide protection from cross-liability for E&O and torts of the LLP's other participants. Your clients-and you-can benefit from LLCs in a number of ways: Consider using one instead of a partnership or sole proprietorship ... have thousands of articles, checklists, tip sheets, sales letters, and more! Communications Marketing Customer Service Planning Finance/Accounting Risk Management Human Resources Selling Legal and E&O Technology Life/Financial Services Glossaries Management Resources & Links Categories Popular Recent All Back Limited Liability Companies: What You Need To Know 4/30/2013 10:43:12 PM by CompleteMarkets Editor , Larry Morrison This content has not been rated yet. LIMITED LIABILITY COMPANIES: WHAT YOU NEED TO KNOW by Gary Jacobson and Larry Morrison Limited liability ...

...g income out in salaries, bonuses, lease payments, etc., which generate deduct...e corporate shield against personal liability important? Does the agent have s...

...ncy shall receive any so-called contingent, bonus or profit sharing commission...nts 3(aa) Agreements 3(bb) Terms of Lease of Office Premises 3(ee) Agency A...

...issions excluding all so-called contingent, bonus and profit sharing commissio...rty is in default under any contract, lease or agreement, whether written or o...

... insurance expirations? How stable are they? Over the five year period under review, has profit-sharing income averaged less than 8% of the prior year's property-casualty commissions? Why? This could be an indication of poor agency underwriting or insufficient volume with major carriers. If contingent income was a substantial contributor to agency income in the past (over 12% of total revenues), what is the prognosis for the future? Will recent loss experience impact profit-sharing income adversely for the next three years? The amount of interest income on premium ... . In situations where an existing operation is going to be maintained and sometimes also in fold-in arrangements, other aspects of the agency must be included in the evaluation, such as: location and appearance of the office, available square footage, ownership of the building or lease arrangements, condition of equipment and furniture; existing automated systems and compatibility with or superiority over buyer's systems; organizational structure and personnel policies (vacation, holidays, benefits, salary administration, and performance evaluation); effectiveness of procedures for handling insurance-related functions, accounting ... and clerical jobs such as mail, filing, and switchboard. In situations where an existing operation is going to be maintained and sometimes also in fold-in arrangements, other aspects of the agency must be included in the evaluation, such as: location and appearance of the office, available square footage, ownership of the building or lease arrangements, condition of equipment and furniture; existing automated systems and compatibility with or superiority over buyer's systems; organizational structure and personnel policies (vacation, holidays, benefits, salary administration, and performance evaluation ...

... volume with major carriers. If contingent income was a substantial contributo...footage, ownership of the building or lease arrangements, condition of equipme...

... for other insurance brokers. The average net annual commissions shall be defined as gross annual commissions (on account of the writing or renewal of property and casualty insurance business thereby intending to exclude bonding business) less return commissions paid or allowed as credit exclusive of any so-called contingent, bonus or profit sharing commissions Installment billings on policies written for a period in excess of one year shall be deemed to be renewals for purposes of this computation and commissions on premiums prepaid for a period in excess of one year shall be included, but prorated ... commissions. Fees received by [Agency] in lieu of or in addition to commissions (excluding so-called late charges or interest on unpaid premiums) shall be deemed to be commissions. [Agency] shall provide [Employee] with the use of an automobile owned or leased by [Agency] . [Agency] shall pay all reasonable expenses of operation and maintenance thereof, subject to certain reimbursement as provided hereinafter. [Employee] shall reimburse [Agency] for ten percent (10%) of all reasonable operating expenses which shall ... control and authority of the Legal Representative of the Estate of [Agency] . [Employee] shall operate the business in accordance with the same general principals and practices as shall have been in effect prior to [Agency] 's death and shall not incur any liabilities on behalf of the business other than in the normal course of business without the prior approval of the Legal Representative of [Agency] 's Estate. In consideration for such services, [Employee] shall be paid, in addition to all other compensation to ...

... right to receive all so-called contingent bonus or profit sharing commissions... Accounting Date, the cost of which coverage shall be borne exclusively by the...