Lori H Posted February 16, 2005 Posted February 16, 2005 there would be no significant changes to their current plan outside changing the type of entity on the adoption agreement would there? changes meaning there are no real differences between a standard S Corp and regular corporation in a plain psp.
stephen Posted February 16, 2005 Posted February 16, 2005 Not that I can think of for a psp. If they had an ESOP there are significant differences...
No Name Posted February 16, 2005 Posted February 16, 2005 Just be sure to alert the principals that "distributive share" is not included as compensation for allocation purposes.
Lori H Posted February 16, 2005 Author Posted February 16, 2005 No Name can you elaborate on "distributive share" thanks.
Leopurrd Posted February 17, 2005 Posted February 17, 2005 I'm thinking he means that you can't use their K-1 as income, it would have to be taken on a W-2 in order to include it in the plan..... Vicki
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