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PROFESSIONAL CORPORATIONS (PC's) AND LIMITED LIABILITY COMPANIES (LLC's)

Please Note: This information is specific to Salespersons and Associate Brokers. If you are a self-employed broker (designated broker), please review the page entitled Business Options for Self-Employed Brokers located at http://www.nrec.ne.gov/licensing-forms/businessoptions.html


Guidelines for Compensation of Salespersons and Associate Brokers Doing Business as a Professional Corporation or a Professional LLC

Neb. Rev. Stat. 81-885.24(18) specifically provides that it is an unfair trade practice subject to disciplinary action to provide any form of compensation to any unlicensed person performing the services of a broker, associate broker or salesperson.

For purposes of interpretation of 81-885.24(18) it shall not be an unfair trade practice for a broker to provide compensation to:

1.  An individual holding a Nebraska broker’s or salesperson license when all services of a broker, associate broker or salesperson for which the compensation is being rendered were provided.

2.  A professional corporation in good standing with the Secretary of State’s office, provided that the shareholders, officers (with the exception of the secretary and the assistant secretary) directors, and any employees or agents of the professional corporation that perform the services of a broker, associate broker, or salesperson hold an active broker or salesperson's license from the Nebraska Real Estate Commission at the time all services for which the compensation is being rendered were provided.   

3.  A professional limited liability company in good standing with the Secretary of State’s office, provided that all members, managers and any employees or agents of the limited liability company that perform the services of a broker, associate broker, or salesperson hold an active broker or salesperson's license from the Nebraska Real Estate Commission at the time all services for which the compensation is being rendered were provided.  

This information can also be found in the Commission's Policies and Interpretations.


Professional Corporation Information

If you choose to incorporate under the Nebraska Professional Corporation Act.  Contact your attorney or financial consultant for the advisability of such option.  A professional corporation must submit an application (download form or submit form online) to the Commission for a Certificate of Registration certifying that each shareholder, officer, director and professional employee, except the secretary and assistant secretary, is licensed by the Commission and not otherwise disqualified to render services.  Filing of the Certificate of Registration is then made with the Secretary of State's Office.  Additional information on this process and the forms are available from the Secretary of State's Office.


Professional Limited Liability Company Information

If you choose to organize under the Nebraska Uniform Limited Liability Company Act.  Contact your attorney or financial consultant for the advisability of such option.  A professional limited liability company must submit an application (download form or submit form online) to the Commission for a Certificate of Registration certifying that each member, manager and any employees who perform the services of a broker associate broker or salesperson, are licensed by the Commission and not otherwise disqualified to render services.  Filing of the Certificate of Registration is then made with the Secretary of State's Office.  Additional information on this process and the forms are available from the Secretary of State's Office.