What name should I use for my Self-Employed Solo 401k?

Solo 401k Question Answered – What name should I use for my Self-Employed Solo 401k?

Please check out this good question from our Daily Live Zoom call. Subscribe to our YouTube Channel to get notifications of our Daily FAQs.

Solo 401k FAQ – Is there any advice on naming the Solo 401k plan? Does the name of the plan need to include my name? Is there any benefit in obscuring the name of the Solo 401k owner/trustee?

RESPONSE:

Great question!

Our Solo 401k online application asks 10 simple questions and takes just a minute to complete.  We prepare the documents within the same day or 24 business hours.

The last question asks for the name that you wish to assign to the Solo 401k plan.

It is best to use two words and the word “Trust” (e.g. “Main Street Trust”).

Your may also include the word “retirement” in the name.

For example, “Main Street Retirement Trust”

Also, if your business name contains the words “investment”, “land”, living” or “family”, then make sure to include the words “Retirement Trust” when naming the solo 401k plan.

While technically it is acceptable to use your name in the name of the solo 401k plan, it is certainly not required and most clients find that they don’t want to use their name for privacy purposes. 

For example, one of the top reasons that clients sign up with us the ability to use our Solo 401k plan to invest in alternative investments such as real estate.

Many clients would not want tenants of the Solo 401k real estate to make a direct connection between the Solo 401k rental real estate property and the Solo 401k owner personally.

Ultimately, it is acceptable to use any two words such as a derivation of the self-employed business if there is a formal legal entity or could be something totally different (e.g. favorite color such as “Blue Holdings Trust” or favorite mascot “Wolverine Asset Trust”).

Tags: , , ,

About George Blower

I have the privilege of educating our clients about our products and services so that they can make informed and confident decisions about their financial future. Prior to joining My Solo 401k Financial, I served as the general counsel for a subsidiary of a Fortune 500 financial services company. Learn more about George Blower and My Solo 401k Financial >>

  •  

  • About MySolo401k

    We help our clients take control of their retirement money. Our products and services provide our clients the freedom to invest their retirement savings in their own business as well as alternative investments such as real estate, private companies, promissory notes, precious metals, tax liens and equities.
    Learn more

    Connect with us

  • We’re here to help.

    Call: 800-489-7571

    Monday-Friday

    8:00 am - 4:00 pm PT

    Why us?
MENU