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