How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask wallstreetesq. Your Own Question
wallstreetesq.
wallstreetesq., Attorney
Category: Business Law
Satisfied Customers: 17080
Experience:  10 years, Corp litigation, Of Counsel to several global and nationwide corporation
16356563
Type Your Business Law Question Here...
wallstreetesq. is online now
A new question is answered every 9 seconds

i would like to get in to business with a car insurance broker

Resolved Question:

i would like to get in to business with a car insurance broker as a partner, we need to make an aggrement. in the future i am planning to get a license my self and run an insurance agency on my own. i would like to make shure that in case of us pleat, i will get to keep the insurance lines with the insurance companies and also have an aggrement for one year with him for know. what is the basic things the aggrement should say, please advise.
Submitted: 6 years ago.
Category: Business Law
Expert:  wallstreetesq. replied 6 years ago.

you need a simple partnership agreement, with a non comptete agreement, and non solicit agreement, for one year.

 

 

The agreement will need to spell out specifically what expenses you will share and what profits you both will take, and who will have ownership of client lists etc.

 

The non compete and non solicit, is important as after the one year if he or you quit they will limit the places where they can compete against you, and taking your clients.

wallstreetesq. and 3 other Business Law Specialists are ready to help you
Customer: replied 6 years ago.
te person have another location where he conduct the business from, also the insurance lines issue,
Expert:  wallstreetesq. replied 6 years ago.

in the agreement, you should have access to the other location, and the insurance lines should be divided up by percentage, however since you are not licensed their may rules regarding access to them.

Customer: replied 6 years ago.
i am planning to get a license on my owen, can it be sad in the aggrement that if i would get a license then i had to keep lines or ???///
Expert:  wallstreetesq. replied 6 years ago.
yes, it should be contingent on you getting the license, also you should consider creating a corporation together as partners, so you avoid persona liability and protect the business from any debts he may have closing the business down.

Related Business Law Questions