Solo 401k EIN for Information Technology (IT) consulting service Business

BACKGROUND: I currently have a sole proprietorship called “XYZ Services” with its own EIN.  This business is my own Information Technology (IT) consulting service that I work part-time on.  Also, my wife does (very) part-time work on as well but she does not collect a salary.

QUESTION: My question for you all is this, can I use this business’s EIN to create my Solo (Real Estate) 401k or should I create a new business with a new EIN to use, especially since this newly created Solo 401k will be used for real estate and/or private company investments?

ANSWER: The new EIN that you will establish is for the Solo 401k not your business; therefore, you do not need to setup a new business but rather establish an EIN for your solo 401k. Following link sheds light on the EIN for solo 401k.

Thanks in advance for your help,

John in Massachusetts

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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