If you own the majority control of all your businesses, you can establish one plan and have the other businesses adopt the plan. However, if you do not have majority ownership in all the businesses, you will want to set up separate plans for each. Separate. Solo 401k plans for each business is also beneficial if you want to be more aggressive with investments or contributions for a certain business.
Articles in this section
- Is there a minimum amount of income my business needs before I set up my plan?
- What happens if I have several different businesses? Can I still use all of my income to calculate my contribution to the plan?
- How do I get a Solo 401k? How long does it take?
- Do I need multiple bank accounts?
- Who can be a trustee on the plan?
- I would like to pay for the start up costs for the plan out of an existing IRA. Is this a good idea?
- I know that congress is trying to encourage taxpayers to set up retirement plans and has passed laws to allow tax credits for startup expenses up to $500 per year for 3 years. Is this true? And how much can I write off?
- Does the Solo 401k have it’s own Fed ID# and Separate bank account?
- What types of businesses can set up Qualified Retirement Plans?