Search CompleteMarkets

Selling to non-profits: Start Now
When it comes to selling insurance to non-profits, the time is now, said Paul Or...r.” He said NIF is writing a lot of Directors and Officers coverage on a standalone basis, adding that D&O mig...

... The Agency agrees, to the extent permitted by law, that it shall hold harmless, indemnify, and defend [Employee] against any loss or liability resulting from his involvement in performing his authorized duties as an officer, Director or employee of the Agency. 10.12 Non waiver of Breach. A party's failure to insist upon strict adherence to any one or more of the provisions in this Contract, on one or more occasions, shall not be construed as a waiver nor deprive that party of the right to require strict compliance thereafter ... of Shareholders; (ii) May be changed at any time by the Founders, but not without unanimous prior written consent of the Founders then holding Shares of stock of the Agency corporation; and (iii) Any such change shall take into consideration overall growth and profitability of the Personal Lines Department, as well as profitability of the Agency as a whole. (iv) Lacking such unanimous consent, [Employee] 's Active Management component shall continue throughout the 10-year initial term of his employment unless his then-remaining equity in the ... corporation, overseeing all management and Agency operations. His other duties shall consist of marketing and sales of commercial lines, as well as overseeing the Personal Lines Department and general administration of the Agency, and serving on any Executive Committee' established by the Agency's Board of Directors (the Board'), including full authority to make decisions regarding all matters generally included in these areas. His specific responsibilities in those areas shall include without limitation the following: 2.1.1 Corporate Administration. Oversee office manager-office Manager will report directly to [Employee] ...

...t by [Employee] with respect to the non-disclosure or non-compete provisions of the Shareholders...182 NE 222nd Its: Vice President Portland, OR 88020 Address: P.O. Box 2112 Portland, OR 88020

... prefer to have the buyer or the agency take over future liabilities, such as errors & omissions claims, and get him off the hook. The Clinton 1993 tax changes (93 OBRA) have changed the cost/benefit calculations on sales. They make some formerly non- deductible items (such as good will) depreciable over a 15 year period, but also extend the amortization period of covenants not to compete to 15 years. They also raise individuals' maximum federal rates on ordinary income (39.6%) substantially above the ... gains rates (28%), making capital gains treatment more important to high bracket sellers. The selling owner may make other retirement provisions. He may set up a qualified retirement plan (pension or profit sharing plan), which would benefit the other employees as well as the owner, but which add to the agency's overhead. He may establish a non qualified and unfunded deferred compensation plan, which depends on having someone available to continue running the agency after retirement. He may set up an Employee Stock Ownership Plan or ESOP ... computed. IRC Section 3121(v ) . Payments to S corporation stockholder Payments to an S corporation stockholder are normally not compensation, and there is no withholding. Rev Rul 59-221, 1959-2 CB 225. However, if such payments are made to an officer or director, withholding may be required. See 1992 Pub. 589, Tax Information on S Corporations, p. 11. Continuing as a solicitor Not infrequently a retiring producer wants to continue to place some new business as a solicitor. A solicitor should be an independent ...

...s on sales. They make some formerly non- deductible items (such as good will) ...t of a decedent, suffering both estate and income tax (with