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