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Since me and my wife do the majority of the hands on work there is very little time for accounting/clerical type duties.

Which is another reason why you need someone else to help you with that, in addition to answering your questions about how, precisely, your company/accounts should be set up in order to maximize your ability to save for retirement, which seems to be your goal.

I am not in accounting either, nor do I have a small business. I have looked into setting up a 401(k) for a small business, but the business ended up not being formed, so I have no practical experience. And yet, you seem to be using at least some of my very limited knowledge to further your knowledge, because you don't have source you can trust, and you are seeking to increase your level of knowledge.

I appreciate the fact that you are asking questions, and want to gain understanding. However, you don't seem to be at a level where you have the knowledge that you would need to get everything set up correctly. Unless you want to wait until you can gain that knowledge, at a minimum, with the level of knowledge that seem to have, I would strongly suggest that you consult a professional to ensure that you have your retirement accounts and contributions set up correctly.

If you don't have time to do 'accounting/clerical type duties' I would also strongly suggest that you consider using index funds from a low cost provider as the basis for your accounts, rather than individual stocks. Understanding individual stocks well enough to invest in them well requires a lot of time and research. You would probably be better off financially spending that time working on your business.

AJ
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