Funding new business using 401K

Look you really can’t.

There is a way to use an Ira for business but trucking is a flag to the IRS.

The problem comes into the issue of managing it, when you have a business that requires daily management, that is something that they frown on.

 

Okay, so an LLC ? Are you going to REPLACE the money you withdraw from the 401K? ... from your LLC?

 

How to Use an IRA/401(k) to Start or Buy a Business

 

If anyone knows, It'd be @Ridgeline .... listen to his wisdom.

 

Put the bong down right now

 

Yeah my own.

Edit - forgot to add this. I have gone through a bunch of audits because of the nature of structure, my accountant knew a lot of how to do the work to make it ding proof by the irs and did a very good job laying out how to use the existing laws to take advantage of them. I had several discussions with the irs and others to keep me out of trouble.

I set up the company I had to Leverage the money I was making into a retirement. I had to setup a self-directed Ira and have someone manage the company (** this means that you can’t be involved with the management per se). When the assets grew enough that I could leverage them into a loan and where I could move the assets to another company, I had to borrow money to buy the company from the Ira and the company assumed the debt which was paid off within a year.

The problem with the 401k thing is according to the irs, it has to be really tight setup to prevent conflict of interest issues that crop up. This was discussed at length with them when I had my first full audit. The self-direct Ira is easier to deal with.

The thing about these ads and the info, they are there to sell a service and if there is after service problems, they may not be able to support you or correct the issues.