Thomas Jefferson

One more note, we are still in the process if setting up the SIMPLE IRA right now so it could possibly be changed to a 401k, if that would change anything here.

So basically there's no way to have a separate retirement plan for the side business without offering the same thing to business 1 employees in addition to offering them the SIMPLE IRA?

I own a LLC (taxed as S Corp) that offers a SIMPLE IRA to employees and myself. I also have additional sole proprietary self-employment income from other activities(no employees, just me). Can I setup a SEP IRA to put some of that income into a retirement account?