Corporate Counsel In The Charlotte, NC Area
Rollover Business Startups
Rollover business startups can seem like a complex, risky method of starting a new business. However, a 401(k) Rollover Business Startup strategy is practical and useful for funding if all of the legal requirements are properly followed. Rollover Business Start-Up method is an IRS and ERISA approved process that allows individuals to use retirement funds, such as an IRA or 401(k), to purchase a new or existing business without paying the taxes and penalties usually associated with using retirement funds.
A ROBS plan that has been created properly will satisfy all the requirements of the tax laws and will help with taxes and planning your business’s operations. It is vital, however, that individuals who would receive funding through a Rollover Business Startup arrangement understand the multitude of potential legal pitfalls along the way and honor their commitment to act as a fiduciary for employee benefits. At Marcellino & Tyson, we work with entrepreneurs to guide them through the steps that must be taken to help ensure that all rules and regulations are properly followed in starting a new business using the ROBS method.
Speak with an attorney about the rollover business startup process: call (704) 919-1519 or fill out our online contact form today.