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C
codeblue123
Level 3
June 15, 2021
Question

Health Insurance Agency business entity structure

  • June 15, 2021
  • 1 reply
  • 8 views

Client wants to setup an LLC for his insurance agency because he is adding a partner.  Business has been run as a Sch C.  How do we structure their new LLC business entity, when they will still receive 1099-MISC/NEC in their own social security number?  Their commissions can only be paid in the SSN of the individual who sold the policy.

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1 reply

PhoebeRoberts
PhoebeRobertsIntuit Community Champion
Intuit Community Champion
June 15, 2021

That sounds like an attorney question to me. Insurance guys are always wanting to assign income to some other entity.

    C
    codeblue123Author
    Level 3
    June 15, 2021

    I guess my question is, can they setup a partnership even though their income will be reported with their social security number?  If they setup the LLC with multiple members then it would default to a partnership.  How do insurance companies with multiple agents setup their business entities?

    sjrcpa
    sjrcpa
    Level 15
    June 15, 2021

    I've seen LLCs, 1120S and 1120.

    The more I know the more I don’t know.
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