What happens if the business that sponsors a Solo 401k change from a sole proprietorship to an LLC or corporation? Sense Financial discusses the required changes in this Solo 401k Quick Tip video. For more information please visit our website or call us at 949-228-9394. The Solo 401k can be sponsored by a sole proprietorship, LLC, or corporation that does not have any full time employees. If the sponsoring business changes later, let’s say from a sole proprietorship to an LLC, it will still be eligible to sponsor the plan. As the plan owner, you will need to request a restatement for your plan. In this restatement, the adopting employer will be changed to the new LLC, instead of the previous sole proprietorship. All other plan information should remain the same. There will be no interruption to the plan contributions or investments.... ( read more )
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