ac Posted November 20, 2015 Posted November 20, 2015 I have a prospective client that has income as a sole proprietor and he also has an LLC taxed as a partnership. He owns 99% and his wife owns 1% of the LLC. Is there any reason why he cannot adopt a DB Plan as a sole proprietor and have the LLC be an adopting related employer? Someone told the CPA he had to have two DB Plans, one for the Sole Proprietorship and one for the LLC.
K2retire Posted November 20, 2015 Posted November 20, 2015 Given the obvious controlled group, one plan is the logical solution.
Mike Preston Posted November 20, 2015 Posted November 20, 2015 How long ago did the person who advised the CPA have his/her lobotomy? K2retire 1
shERPA Posted November 23, 2015 Posted November 23, 2015 Someone told the CPA he had to have two DB Plans, one for the Sole Proprietorship and one for the LLC. Did this "someone" also say the DB plans "must" include life insurance? I carry stuff uphill for others who get all the glory.
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