- The owner must still meet eligibility requirements to participate in the Retirement Plan.
- In order to qualify to participate in a company retirement plan, roll retirement monies into that plan, and invest those monies into your Corporation, an owner must be a bona fide employee of the company sponsoring the Retirement Plan.
- Your contributions to the Plan must be through a payroll deduction after you begin taking compensation (a paycheck).
- For Leading Retirement Solutions to establish you were/are a bona fide employee of the Corporation you should track the hours that you work. This can be done by:
- Time tracking software.
- Excel spreadsheet
- You can track by the day; you don’t have to track by the hour.
- Compensation as an Owner:
- Business owners don’t always take compensation initially, or they may take compensation from the Corporation at irregular intervals. This is okay. Your Corporation should generate revenues sufficient to support any compensation you take.
Leading Retirement Solutions
(206) 430-5084 phone
(800) 974-2814 (toll free)
Our mission: to proactively support organizations and lead them toward a secure future.
Article ID: 77, Created: 6/15/2021 at 12:47 PM, Modified: 8/3/2021 at 11:34 AM