I am a business owner in a partnership. Do I and my business partners qualify for a solo 401k, and do we need to get separate plans?
Yes, each partner would be eligible for a solo 401k. The way it would work is we would set up solo 401k plans for each participant, which would be written to exclude the other partners. This would keep each plan “solo.”
During your Solo 401k set up with Carry, you’ll be asked what type of account you want to open. Select “I have co-owners or partners in my business”.
Then input how many co-owners are in your business.
Each of the partners would need to have formal titles adopted in the business operating agreement (or through an amendment to the agreement). The cost of each plan is $299/year for the Basic plan, or $499/year for the Professional Plan.