Home of the ROBS 401k rollover and Mortgage Freedom Plan
Call 949-652-3377 for a FREE Consultation
Call 949-652-3377 for a FREE Consultation
Home of the ROBS 401k rollover and Mortgage Freedom Plan
Call 949-652-3377 for a FREE Consultation
Call 949-652-3377 for a FREE Consultation
Please reach us at info@pensionpros401k.com if you cannot find an answer to your question.
For most people, 2-4 weeks. This depends on how fast your state approves Articles of Inc, how quickly you get the new accts opened, and how fast you can get your money transferred out of your old 401k.
Most financial professionals simply have not been exposed to the ROBS strategy.
ROBS has been used heavily in the franchise and business broker community for over 30 years. So it is typically an eye opening revelation when CPA's/advisors hear about this program
Quick answer, consult your tax advisor.
Long answer from 14 yrs experience with ROBS – NO – and here's what many tax advisors recommend.
Once you have moved all funds thru the ROBS process, and used them for business expenses, and don't need to move any more - there is an argument that you can dissolve the c-corp and set up an LLC as the long term operating entity for your business. The timing of this is best discussed with your tax advisor.
No, you can move just what you think you need and then easily come back and move more later. Unlike our competitors, Pension Pros does NOT charge for moving more funds at a later date. There is no min or max number that can be moved and no timeline limits.
No, because you do not have control of those funds like you do after you sever employment. Most or all employer plans only all ow distribution upon severance of employment or medical hardship.
No. The Plan Document is written to exclude PT employees, leased employees and 1099 contractors. If you have any full time w2 employees, you must allow them to participate but this is not required until they have been with your company for one full year and worked 1000 hrs. Of course it is your choice if you want to let them in sooner. They would open their own Fidelity subaccount. It is our experience, that very, very few ROBS clients have employees on their plans. It is just not typical.
ROBS leaves you with one main obligation regarding the new 401k plan.
Every 401k plan is required to complete and file Form 5500 or 5500-EZ on an annual basis – due July 31st
*This filing has NOTHING to do with your personal or business taxes.
It is a simple reporting form whereby the IRS is just tracking a few basic bits of info about the 401k plan. Unlike competitors, who charge a mthly fee for this filing, Pension Pros completes the form at NO cost to you
We file a corporate name with your state which is the “behind the scenes” name that is not public facing. You will work with your franchisor to settle on a dba name AFTER the corp is filed and approved. The dba name is filed at the county level in many states (but not all) and can be filed at any time. It is not really part of the ROBS process but we are happy to help you complete the filing form – at NO cost!
Absolutely NOT! ROBS does not affect day to day operations or the way you file taxes.
ROBS is very simply another way to inject cash into a business!
We always want to have at least one phone conversation to be sure you fully understand the process and to answer any additional questions you may have.
* When you are ready to move forward, we send you our Getting Started email with our simple Agreement and Questionnaire. Upon receipt of forms and fee, we will begin the process that same day by filing for Articles of Incorporation in your state.