Loan Documentation w/out Administrator -- Profit Sharing Plan -- 1-person company

[Guest Rob Gorman]

A client started a Profit Sharing Plan for his one-person company so that he can quickly and cheaply borrow 50% of the assets. The problem is how to get around the expense of an administrator, since compliance for a one-person company should be about as simple as it gets.

His CPA balked, however, at preparing the loan documentation.

Any suggestions? Any ready-made forms you can recommend?

Thanks!

- Rob

[namealreadyinuse]

How did he get any real $ into the plan, IRA rollover?

Anyone who can provide a profit sharing document can provide loan documents. The plan is tons more complicated.

[Leopurrd]

name's right. Check the administrative forms that came with the document and there should be loan forms in there. Of course, that's assuming he didn't get the "package deal" that comes with a 2 page adoption agreement with no forms!!!