Combine a C-Corporation with a Solo 401k to Start Your New Business
More new businesses are started during a recession, according to the SBA. Here is an idea for you in this time of tight credit. Be your own bank.
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PrintI read a timely article in Businessweek (12/22/08 issue). http://www.businessweek.com/magazine/content/08_51/b4113064369970.htm?chan=magazine+channel_what%27s+next
The article describes creating a corporation, the newly formed entity starting a 401k plan, rolling existing retirement funds into the 401k and then investing in the corporation from the 401k plan.
The fees quoted are on the high end. If you want a more pocket book friendly alternative go to, http://sites.google.com/site/garyandersoncpa/fees-and-pricing.
The devil is in the details, so get competent professional help on this strategy.
