What type of business can I start with the 401k SelfStarter Plan?
Almost any type. The 401k SelfStarter Plan is a very flexible small business financing strategy. The type of business you can start with the 401k SelfStarter Plan is virtually unlimited. As long as the business is active and not exclusively engaged in the investment or lending of capital, your business should qualify for the 401k SelfStarter Plan.
Why am I required to use a C-Corporation?
We have designed the 401k SelfStarter Plan to ensure it satisfies applicable legal requirements. The 401k SelfStarter Plan requires the use of a C-Corporation in order to comply with Federal pension law. The use of an S-Corporation, LLC or another entity type other than a C-Corp would not meet the legal requirements.
Can I receive a salary from my new business?
Yes. You are required to be an employee of your new business that is financed with the 401k SelfStarter Plan. While you are not legally required to take a salary you may take a reasonable salary once the business generates revenue.
Will you hold the rollover funds?
No. To ensure that your business is financed as fast as possible we will fully assist you with the rollover of your retirement funds through the 401k SelfStarter Plan. However, we will never hold your money.
Is the 401k SelfStarter Plan just a loan from my 401k?
No. By financing your business with the 401k SelfStarter Plan you will not be borrowing any money from your 401k. Instead, you will be investing your retirement funds in a new business. More importantly you will be investing in YOU!