Changes to Your Business and Commonly Owned or Controlled Businesses

It is important to let us know if the following scenarios arise prior to such changes so that we can evaluate and identify IRS or DOL requirements that may be associated with such action:
  • If the owners of the company sponsoring the 401(k) plan have ownership in or common control over other business ventures or entities, you may be required to offer the 401(k) Plan to employees of those other entities
  • If you wish to change the type of entity (C-Corporation), your entity’s tax classification or you want to establish other entities, regardless of whether they are associated with your business, IRS regulations require additional action.
  • If ownership of your business/entity and another commonly owned or controlled entities changes, including by merger or sale.
  •  If you plan on buying another business, buying part of a business or buying a larger stake in any of your existing businesses.
  • Starting a new business; even if not related to your original business.

Leading Retirement Solutions

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