UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev | Next
Author: krkistler One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 14977  
Subject: Retirement Plan for LLC Date: 8/3/2000 12:16 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
My wife has been operating a small business as a sole-proprietor and has a SEP-IRA. She recently changed her form of business to an LLC of which we are both partners (I do help out with the business).

2 Questions:

1. Could she continue to use the same SEP-IRA or must she open a new one with the LLC TIN?

2. Since we are both partners in the LLC, could we each open our own SIMPLE IRAs instead, contributing $6000 each? This will be much larger than 13.04% of the net business income that could be saved with the SEP.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (1) | Ignore Thread Prev | Next

Announcements

Feste Award Winner Announced!
Congrats to the Winner of the 2013 Feste Award!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement