Self-Directed 401k for LLC Self-Employed Business

BACKGROUND & QUESTION:

I currently have a 401k with my previous employer in a Voya account. I started an LLC recently in PA and was considering options for setting up a self directed 401K, and came across your website. This LLC is brand new and I am currently the only employer.
My primary interest is in having check book access to the funds for real estate and other non-traditional investments, as well the ability to take a loan out.
Do you have any guidance on how to obtain a self-directed 401k to achieve these goals?

ANSWER:

If you are operating a self-employed business (e.g. providing goods or services), you can certainly set up a solo 401(k), as any entity type including an LLC may be sponsor a self-directed 401k provide the entity is offers goods or services. Moreover, our solo 401(k) plan would allow you to invest in real estate and other alternative investments, take a loan, as well as a free checkbook account. As part of our services (for no additional charge), we would handle the transfer from your former employer plan at Voya, preparing all the required loan documents among many other services.

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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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