Successor Plan with new partnership

[Kattdogg12]

3 software developers worked 10 years as independent contractors for “Business Software Company” that was 100% owned by “Investment company”.   There were no Employees of Business Software company or “Investment company”.   In 2022 the 3 developers, as a new partnership “Partnership”  purchased 75% ownership of Business Software Company, each partner now owns  25% and the remaining 25% still owned by Investment Company. 

 

 

The Software company appears to be unrelated to Investment Company.   

The 3 independent contractors may/may not have had individual 401(k) Plan (we were told one possibly has one).

One of the partners of the new partnership came to us looking to start a new plan.  

Should we be concerned about the successor plan rule?

Thanks in advance!