IRA LLC Sign-up Information
The Self Directed IRA LLC with checkbook control consists of the steps discussed below. To get started with the IRA LLC process, please provide the following information:
To form LLC and Prepare LLC Operating Agreement, MySolo401k.net requires following information from you:
Open IRA with IRA Custodian (https://forgetrust.com/)
- Preparation of IRA LLC Operating Agreement: We will prepare the LLC Operating Agreement once the IRA account is funded and LLC has been established.
- Setup of LLC bank account and funding: You can use your local bank or credit union. We will provide the LLC articles of registration and LLC employer identification number once the LLC has been registered.
Here is a summary of the IRA LLC Process:
- Register LLC with the Secretary of State
- Obtain employer identification (EIN) for the LLC once the LLC has been registered with the applicable state
- Prepare IRA LLC Operating Agreement
- Complete IRA establishment forms
- Submit IRA establishment forms with LLC operating agreement and investment authorization forms
- Open LLC Bank Account
- IRA funds are wired to the LLC bank account
- The LLC bank account is funded and you can start processing investments
The First step is to complete our online application https://www.mysolo401k.net/open-ira-llc-account/) so that we collect the necessary information to register the LLC and later prepare the investment forms and LLC operating agreement.
Second Step: Once we review the online application, we will e-mail you our credit card payment form to collect our setup fee of $800.
Third Step: Once you return the credit card payment form we will get started in registering the LLC with the state and email you a link to open up the self-directed IRA with Forge Trust (formally IRA Services Trust Company). Both of these steps (the LLC registration and the self-directed IRA setup) will be done in parallel to save time in the process.
Fourth Step: Forge Trust company will then request for the transfer of the IRA from the current IRA provider.
Fifth Step: Once the existing IRA gets transferred to the new self-directed IRA with Forge Trust Company, we will then provide you with the necessary forms to open up the LLC bank account.
Sixth Step: Subsequently will prepare the LLC operating agreement investment forms and email them to your for your signature and submission to Forge Trust Company by email or fax.
Seventh Step: Forge Trust Company will then wire the money from the new self-directed IRA to the IRA LLC bank account.
Eight Step: IRA LLC has been funded. This will complete the set up of the IRA LLC and you will then start making investments under the LLC.
- Going forward, you can contact us with any compliance questions related to investing the LLC, or the IRA regulations.
- Forge Trust Company, or the IRA custodian that you select going forward will take care of the annual reporting with the IRS by issuing annual Form 5498.
- You will need to provide to the IRA custodian on an annual basis the fair market value of the LLC so that they can report the value on Form 5498.
- Any contributions that you make on an annual basis which will be based on your W-2 wages, or if you later want to transfer more IRAs for former employer plans to the self-directed IRA, will require those funds to be first deposited into the self-directed IRA with the IRA custodian. The IRA custodian would then wire the funds to the IRA LLC bank account.
- All the income generated from the IRA LLC investments must flow back to the IRA LLC bank account.
- If you want to take a distribution of IRA LLC funds, the funds first must flow back to the IRA custodian so that they can perform the required distribution reporting from the IRA.
- UBIT or UDFI may be owed from certain IRA LLC investments and must be paid directly from the self-directed IRA.