New LLC Creation for Solo 401k and my husband’s IRA

I emailed last month about creating a new LLC that would have 2 members – my Solo 401k and my husband’s IRA. Both retirement funds would contribute (different amounts) so that we could purchase 1-2 properties.

We would like to have your company create that LLC for us.  I do have a couple of questions:
Q 1.  Price was $1,100 – correct?  How do we pay? Can the Solo 401k, IRA pay or personal funds?

ANSWER:

Correct that our pricing is $1,100 (covers both the IRA and the existing solo 401k with us if invested in the same LLC), but not the state registration fee which will be charged by the state directly. Our fee is paid by credit card. Note that you will need to file a Form 1065, and a K-1 for each the IRA and solo 401k if both are invested in the same LLC.  See the following: https://www.mysolo401k.net/single-member-ira-llc-multi-member-ira-llc/
Q 2.  We would like the check writing ability, bank account, etc.  We can set up with the bank we already work with here. Just need to know when to do that in the process.

ANSWER:

Yes the bank account for the LLC can be setup at the local bank once the LLC has been registered and the IRS assigns the EIN. We would provide more info once this step has been reached.
Q 3. Also, the funds have to be transferred to the IRA and Solo at a certain time.  Are you able to guide us through when to do that?

ANSWER:

Yes we will as part of our ongoing compliance support.
Q 4.  Name – we are thinking to name it a particular name – the name is available according to the Colorado Sec of State website.

ANSWER:

Yes provided that name is still available when we go to register the LLC.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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