https://completemarkets.com/Article/article-post/1528/LEGAL-OUTLINE-FOR-CALIFORNIA-AGENCIES-TABLE-OF-CONTENTS/
... 5.1.1. Price 5.2 Overview of tax aspects of the transfer 5.3 Commiss...form that will avoid unnecessary death taxes? Is it held in a form to accompli...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/1529/LEGAL-OUTLINE-FOR-CALIFORNIA-AGENCIES-INTRODUCTION/
... been made to protect it. I have had the experience of trying to arrange for the rapid sale of a deceased agent's book, and it is not a happy situation to be in if no preparations have been made. In selling the agency, the 1993 Clinton tax law changes make good will and expirations deductible to the buyer, but extend the time for amortizing covenants, expirations and good will to 15 years. Tax rate changes have raised maximum federal ordinary income tax rates to $39.6%, while leaving the maximum capital ... and reorganizations, it can only suggest the objectives to be sought, rather than the specifics on how they are accomplished. It cannot deal with specific fact situations. It is no substitute for competent personal advice from the agent's lawyer, accountant, or insurance agency specialty consultant. Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to join? Need insurance for you, your business or your family? Get quality appointments - Save yourself a whole lot of time & money when ... owner's death or departure will be handled. I feel that all agencies and producers should have such contracts for everyone's protection. Litigation exposure can be reduced if the agent understands how the risks arise, and makes plans to avoid them. Major areas of litigation exposure are errors & omissions, and protection of expirations. Proper insurance can reduce but not eliminate exposure. Alternate dispute resolution if properly used may reduce litigation risks and cost. A producer who is aware of his legal rights is in a better position to protect them without litigation ...
https://completemarkets.com/Article/article-post/1669/FINANCIAL-INSURANCE/
...esire of a self-insured to obtain a tax deduction for amounts reserved for cla...subscription will continue; do nothing and it will end. It's that simple. We h...
https://completemarkets.com/Article/article-post/1529/LEGAL-OUTLINE-FOR-CALIFORNIA-AGENCIES-INTRODUCTION/
...elling the agency, the 1993 Clinton tax law changes make good will and expirat...se. On complex matters such as mergers and reorganizations, it can only sugges...
https://completemarkets.com/Article/article-post/2217/WHAT-IS-YOUR-AGENCY-WORTH-A-MAGIC-FORMULA-PLUS-10-WAYS-TO-MAXIMIZE-VALUE/
...is: Every one dollar of adjusted pretax net earnings (profit) is worth approxi...s adapted from SAFECO's AGENT magazine and reproduced by permission. Blaine Pr...
https://completemarkets.com/Article/article-post/948/EXTERNAL-GROWTH-WITH-SUCCESSFUL-ACQUISITIONS/
...people. At the least, obtain income tax returns for the past five years and c...s most widely respected management consultants. She will be sorely missed.
https://completemarkets.com/Article/article-post/989/Agents-Responsibility-For-Company-Insolvency/
...e assessments against state premium taxes, which often go to support necessary...olvencies will continue to be of major and immediate concern for agents during...
https://completemarkets.com/Article/article-post/71/Discovering-New-Niche-Programs-In-Commercial-Lines/
...amp; Omissions (E&O) Liability, Tax Preparers' E&O, and programs for public libraries, ambulance companies, homes and services for the aging, auto repairs, ...es, sales are of paramount importance, and rewards are tied directly to premiu...
https://completemarkets.com/company/CompleteMarkets/Articles/content-package/IMMS-Library/TabCategory/article-post/1534/LEGAL-OUTLINE-FOR-CALIFORNIA-AGENCIES-CHAPTER-5/
... The buyer is concerned with being able to make the payments from earnings of the business, with as little down as possible. He typically wants to be able to depreciate as many of the assets he acquires over as short a time as possible, to reduce the tax cost of the acquisition. He also wants to avoid liabilities of the acquired business, such as errors & omissions exposure. The seller may wish to defer tax from the sale. He normally wants as much of a down payment as possible. He typically would ... aware of comparable sales. There can be a combined approach, under which the parties agree to attempt to determine the price themselves, and go to an appraiser if they cannot agree. A seller should sell the sizzle as well as the steak. An insurance specialty consultant can suggest ways to make the agency more saleable. The specialist may know of a buyer who may be interested. Structuring the taxes in a way favorable to the buyer may also enhance the agency's value. Steps to reduce litigation exposure through proper anti piracy agreements ... similar steps may also enhance value. 5.2 Overview of tax aspects of the transfer. The typical agency owner has no income tax basis in his agency, which he normally has built up with his own efforts. This means that the entire gain on a sale is subject to tax. An exception exists when the owner purchased or inherited the agency, in which case the purchase price or estate tax valuation may give him a tax basis in the agency, and make capital gains treatment more important to him. The owner of an ...
https://completemarkets.com/Article/article-post/1626/Purchase-And-Sale-Agreement-Part-Ii/
...cate of Good Standing and Waiver of Tax Lien issued by the Massachusetts Depar...
EXHIBIT 14
DISCLOSURES OF THE SELLER AND STOCKHOLDER PURSUANT TO SECTION 14