07 Jan How to Apply for an Exemption & What to Expect- Workers Comp, Panama City Beach
Retrieving vital information before you begin to do anything is necessary. Similarly, you should first acquire all information regarding applying for exemption, and prepare yourself mentally for the outcomes beforehand.
According to the notice of exemption 440.05(14), F.S; the officer belonging to a certain corperation, who applies for an exemption, may not be eligible to recover any benefits or compensations under certain regulations.
Eligibility According to Workers Comp, Panama City Beach
Meeting the requirements is very important; each industry has their own set of rules and requirements which they have to meet:
Construction Industry Applicant
The corporation must be registered with a valid license as active members of Florida Department of State, Division of Corporations. The individual applying must be a registered officer; they must also own 10% of ownership of the corporation and must provide evidence of the ownership. The applicants must remember that only 3 officers are eligible to elect exemption, and a fee of US $50.00 will be required.
Limited Liability Company (LLC)
Like the corporations, the LLC must also be registered as active members of the FDSDC. The applicant must provide proof of ownership as well, ownership of 10% is compulsory. No more than 3 officers are eligible to apply for an exemption in the LLC or in any of the groups which are interconnected to the LLC. A fee of US $50.00 must be paid with construction exemptions of 2 years unless revoked.
Non-Construction Industry Applicant
The corporation must be registered as an active member of the Florida Department of State, Division of Corporations. The individual applying should also be an officer and non-construction exemptions are effective of 1-1-13 and are only valid for a 2-year time span or until it is revoked.
Limited Liability Company (LLC)
Must be registered with Florida Department of State, Division of Corporations and must be an active member. LLC applicant must own at least 10% of the LLC ownership and must provide evidence; no fee is applicable but no more than 10 officers are eligible to apply.
How to Apply for an Exemption through Workers Comp, Panama City Beach
The officer applying for the exemption must first refer to the Notice of Exemption in order to be exempted. They can then submit an application automatically online along with the fee if it is also applicable to the certain division.
After Submitting Application through Workers Comp, Panama City Beach
After the application has been electronically submitted, the applicant will have to be patient as it can take up to 30 days for the application to be revised and reviewed in order to make sure the officer is eligible for the exemption. There are two possible outcomes after their decision has been made; they will either issue the certificate which will prove your exemption, or they will deny the approval of availing you the certificate of exemption. Another possibility is that the individual applying may receive a notice on the basis of the application being invalid or incomplete.
Contact Coastal Community Insurance Agency in Panama Beach, Fl. today for all of your Workers Comp needs.