Poor economic times are not dampening the desire for entrepreneurs to start their own business. A study recently showed that there’s little change in the number of U.S. business start-ups in good or bad times. With more people out of work, many are deciding to start their own company, instead of seek employment. They’re following their passion and ideas to create their own wealth and, when they run into obstacles, they’re finding creative ways to finance their business. With traditional funding sources drying up, watch the video to find out how one successful entrepreneur, who launched his company during the recession, received funding and used his own retirement account, Solo 401(k), to help him through difficult times. In just one year his business is booming.
To learn more about the Solo 401(k) and how it can help you, visit Nabers.com or call Nabers Group: (877) 903-2220.
Ok I’ll admit I am TOTALLY confused on the subject of Solo 401(k) investing in your business. I plan to do what the gent above has done. In another thread (actually 3 parts) you mention that it is according to some DOL big cheeses a prohibited transaction.
I think I must be missing something on this…. am I?
Regards
Scott
Scott,
Yes it can be a bit confusing. The Solo 401k has a unique provision allowing for a participant loan. Absent that provision, it would be a blatant prohibited transaction.
But, all things considered, a participant loan is entirely compliant.
Jeff
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