Open an IRA LLC Account

IRA LLC Sign-up Information

The Self Directed IRA LLC with checkbook control consists of the following steps which are discussed below.   To get started with the IRA LLC process, please provide the following information:

Our Self Directed IRA LLC services include the following:

  • Filing Articles of Organization with Secretary of State
  • Obtaining The Employer Identification Number for the LLC from the IRS
  • Drafting of the LLC Operating Agreement
  • Assistance in completing the Self Directed IRA account establishment forms
  • Assistance in completing the applicable 401k and/or IRA transfer forms
  • Assistance in establishing the LLC bank account at your local bank of your choice
  • Consulting with the IRA regulations

Step 1
To form LLC and Prepare LLC Operating Agreement, MySolo401k.net requires following information from you:

LLC Business Name (please provide 3 names in case name is already taken):

The name must contain the words limited company or limited liability company or the abbreviation L.C., LC, L.L.C. or LLC.

LLC Manager's Address (generally your home address):

Step 2
Open IRA with Custodian IRA (https://www.iraservices.com)

  • We will prepare and e-mail IRA forms

Step 3

  • Preparation of IRA LLC Operating Agreement: net will prepare the Operating Agreement once the IRA account is funded and LLC established.

Step 4

  • Setup of LLC bank account and funding: You can use your local bank. We will provide the LLC articles of registration and LLC employer identification number once the LLC has been registered.

 

Payment of Fees

1) MySolo401k.Net Fees: $1,100.

2) Fees Associated with State LLC Fee Structure:

  • Required Filing Fees for LLC articles of organization:
  • Annual Fees:

3) IRA Custodian Fees: Establishment & Ongoing Fees, which you will submit directly to custodian.

For the 2014 Fee Schedule click on the link https://www.iraservices.com/forms/fee-schedule

Establishment Fee:

  • 60.00 (Paper) Must accompany IRA Application.
  • $35.00 (Online) Also requires the signed forms to be mailed with check.
  • Funding of LLC $40.00 (charged from IRA at time of transmission of IRA funds to LLC Bank Account)
  • Quarterly Asset Fees $15.00 per quarter (Charged from IRA quarterly)
  • Quarterly Account Fee $25 per quarter (Charged from IRA quarterly)

Here is a summary of the IRA LLC Process:

  1. Register LLC with the Secretary of State
  2. Obtain employer identification (EIN)  for the LLC once the LLC has been registered with the applicable state
  3. Prepare IRA LLC Operating Agreement
  4. Complete IRA establishment forms
  5. Submit IRA establishment forms with LLC operating agreement and investment authorization forms
  6. Open LLC Bank Account
  7. IRA funds are wired to the LLC bank account
  8. The LLC bank account is funded and you can start processing investments
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