You may not be at the required 4 year experience mark yet, short on education, or may not even want to be a broker. But you know you want to own a brokerage, work under your own brand, maybe recruit agents and build up your company. You get 100% commission! All we charge is the monthly fee. No setup fees, annual fees, transaction fees, or broker splits.
I’ll help you setup the new LLC or amend the LLC if already have an existing one, Help obtain the required E&O Insurance, Help obtain an EIN for the LLC (IRS), File the LREC application and send them the supporting documents, Plus provide excellent broker support.
This is YOUR Company and YOUR brand. Take some time to think over the naming because it will identify your business and will be on your marketing material – signs, logos, etc. A name search can be done via the geauxBIZ website or you can call their office at 225-925-4704. You don’t want to use a similar name of any other LLC in Louisiana or assumed name (dba -doing business as). There could also be a good chance they won’t approve it.
After you figure out the naming of your LLC, you need to file it with the SOS via the geauxBIZ site. Cost to file this with the state is $100.
While you’re filling out this LLC application, Travis Marshall will need to be listed as a “manager” in addition to yourself. LREC requires the qualifying broker to be a manager on the LLC in order for them to issue a Broker Company real estate license.
After LLC approval by the state, it is recommended to also file an assumed name (dba) for your LLC. Example – if your company is XYZ Realty LLC, you will want to do business as “XYZ Realty”. This can be done through geauxBIZ as well. The brokerage license will be issued and printed in the name of the LLC.
Now you need to fill out the LREC Broker Company Application and send to us for our signature. Once signed, we will return to you for submittal to LREC. The LREC application fee is $155.
LREC requires the Broker Company to have it’s own E&O Insurance Policy. You can purchase this E&O Insurance via the LREC group policy by remitting payment in the appropriate amount based on the pro-rated premium chart.
Get an EIN by filling out form SS-4. This can be easily filled out online and an EIN will be generated very quickly. Then you can use this EIN along with your LLC ownership papers to open a bank account.
Billing cycle is 30 days from the effective date of sponsorship (when LREC issues the license). You will be sent an invoice monthly and can pay by ach bank account or card. Also offer autopay.
*Note – we don’t allow property management activities or creative methods like wholesaling/assigning, seller financing.