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PENSCO Trust Company in ProducersWeb.com
July 19, 2007
Excerpt: The attribute that is touted most frequently by promoters of the use of LLCs for IRA investing is checkbook control. That is, the ability of the managing member (which may be the IRA owner if the IRA owner's IRA is the only member or C corporation stockholder) to write checks directly to fund investment purchases -- without having to go through the IRA custodian. While it is very true that this is possible (it is not illegal), it is also a cause for concern among custodians, IRA regulators, and many of those professionals serving investors who have employed the 'checkbook control' approach.
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