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    taxpayer83's Avatar
    taxpayer83 Posts: 15, Reputation: 1
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    #1

    Dec 24, 2016, 05:59 AM
    Can I start a second business to keep Solo 401k?
    I have an scorp. I like to hire full time employees but still want to keep my solo 401k plan. I am thinking of starting a new business and hire employees at the new business so I can continue my old business with me as the only employee and keep the solo 401k. Can someone confirm if this is legal or are there any laws that prevent opening multiple businesses to keep the solo 401k plan?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 24, 2016, 08:07 AM
    What you propose is perfectly legal, as long as the businesses are completely separate and fund for the businesses do NOT inter-mingle.
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