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partner in law firm wants SEP


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Who is doing the clerical, support work if the law firm has no employees?

John Simmons

johnsimmonslaw@gmail.com

Note to Readers: For you, I'm a stranger posting on a bulletin board. Posts here should not be given the same weight as personalized advice from a professional who knows or can learn all the facts of your situation.

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All eligible employees must participate in a SEP, including owners. It is the business entity (the partnership) that established the plan. An owner can not opt out. If over age 59-1/2, amounts could be withdrawn shortly after being made.

A "partner," as such, can not have his or her own plan.

Even if the individual had another business, a SEP of such organization would have to cover eligible employees, and the controlled group rules would have to be applied. Hope this helps.

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Who is doing the clerical, support work if the law firm has no employees?

the law firm has employees but the individual partner has no employees.

Then pay particular attention to the last sentence in Gary Lesser's post #5 above.

John Simmons

johnsimmonslaw@gmail.com

Note to Readers: For you, I'm a stranger posting on a bulletin board. Posts here should not be given the same weight as personalized advice from a professional who knows or can learn all the facts of your situation.

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rdcline -- Is Bird's "NO" (post #8) a response to the OP, or to post #7 (which it appears to be)? I can read the Code & regs--maybe even better than a few non-lawyers!!--and I understand the No if it's responding to the OP. But I cannot understand it for what it looks like: a response to post #7 (which is an answer posed to post #6 which had questioned a statement in post #5). There were 2 conversations going on, and Bird answered the OP without considering that the conversation had turned in another direction.

By the way . . . it's too bad you think that we lawyers should be infallible. Most of us sure don't think so.

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Larry

I hope that you do realize that you could be wrong about what you think most lawyers think about being infallible.

Also, non-lawyers probably think differently about the issue, since they see it from an objective point of view. The view could be quite different from the other side.

George D. Burns

Cost Reduction Strategies

Burns and Associates, Inc

www.costreductionstrategies.com(under construction)

www.employeebenefitsstrategies.com(under construction)

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Bird -- Thanks for clearing up your "No". Interesting how even that seemingly simple word can be misinterpreted, as it was in this string!! Therfore, I believe the bottom line re: my inquiry on SEP distributions is that attainment of age 59-1/2 is not required.

George -- I do realize that I may be wrong when I say that most lawyers do not think they are infallible. Some of that belief in infallibility, I think, is because lawyering is a profession where you often (or, for litigators, always) are asked to strenuously advocate a client's position, and, if you are not careful and discriminating, advocacy (in this case, for yourself) has a way of creeping into your every thought. I've never been able to determine if being a lawyer makes a person an ***hole or if it's just that those kind of people tend to become laywers--the old chicken or egg argument!! Rest assured, however, that there are plenty of reasonable, ethical, and personable lawyers out there--some of them are on this Board. (How about this one: 2 lawyers were having a discussion, and one said "Did you know that lawyers never agree on anything?". The other lawyer replied: "Yes they do.")

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