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Loren D. Stark Company
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Question 74: I am taking over a 401(k) plan sponsored by an LLC, which is taxed as a partnership. The members of the LLC would like to participate in the plan. Is this possible? Does it matter how much of the LLC they own? If so, how do they make contributions, since they don't have salary to defer? Can it come out of their draws? |
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Answer: Yes, it is certainly possible.
These issues are discussed in more detail in Chapter 1 of the second edition of my book, Who's the Employer?. |
Answers are provided as general guidance on the subjects covered in the question and are not provided as legal advice to the questioner or to readers. Any legal issues should be reviewed by your legal counsel to apply the law to the particular facts of this and similar situations.
The law in this area changes frequently. Answers are believed to be correct as of the posting dates shown. The completeness or accuracy of a particular answer may be affected by changes in the law (statutes, regulations, rulings, court decisions, etc.) that occur after the date on which a particular Q&A is posted.
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