use my IRA funds to start my own c corp for car dealer business

BACKGROUND & QUESTIONS: The deal with the auto body shop fell through. Therefore, I would like to use my IRA funds to start my own c corp.  I plan to start with leasing a small warehouse, getting my used car dealer license and selling online.  Do you see any problems or have any advice for how to best do this?   I was gonna fill out the paperwork soon and lease the space ASAP.   The bank said once I have an active corp with my EIN I can open a corp checking account.

ANSWER: At a high level: I don’t see any problems.

If you want to use your IRA funds you should run everything through corp.: lease,  license, etc.

As part of our service, we would set up the corp. and draft the 401k, transfer the  IRA funds and obtain the employer identification numbers for the 401k and C-Corp.  To learn more click here.

Thanks a lot,

Jack in Texas

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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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