imchipbrown Posted May 5, 1999 Posted May 5, 1999 Plan Participant, 5% shareholder in C-Corp, will be leaving Company A to become LLP Partner in Company B. Needs dough to fund his share of the new Company B. We plan on starting a new 401(k) Plan in Company B, which will accept rollovers (termination distributions). Since my guy will now be a partner in the LLP, is he barred from borrowing his rollover money? He can borrow it before-the-fact right now..... It would just be cleaner to borrow from the new plan vs. the old. Because it is rollover money, I don't think it's quite analguous (sp?) to the situation where a C-Corp stockholder becomes an S-Corp shareholder.
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