TPApril Posted May 6, 2021 Posted May 6, 2021 Entrepreneur has two separate businesses, no employees. Is he able to sponsor multiple plans on his own behalf, each with their own limits?
Lou S. Posted May 6, 2021 Posted May 6, 2021 Is it a controlled group? Or affiliated service group? What is his ownership in each entity?
TPApril Posted May 6, 2021 Author Posted May 6, 2021 100% ownership of both, no control group or asg I'm aware of.
Lou S. Posted May 6, 2021 Posted May 6, 2021 7 minutes ago, TPApril said: 100% ownership of both, no control group These 2 statements don't compute together.
TPApril Posted May 6, 2021 Author Posted May 6, 2021 Lou - keeping me on my toes. Owner of both companies that are both in medical fields. No other employees or owners. Yes a control group, I was thinking you meant with anyone other than the owner.
Mike Preston Posted May 6, 2021 Posted May 6, 2021 Yes, he can have separate plans. Horribly inefficient to do so, but it isn't illegal. Must aggregate for 415 purposes. Lou S. 1
Jakyasar Posted May 7, 2021 Posted May 7, 2021 One can have db and the other DC, both at maximum levels, if I recall correctly.
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