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