So some of the advantages to qualified plans are first of all unlike other employee benefit plans.
You are not limited based on your business structure.
Yes it’s an employee benefit plan and what that means is it’s exclusive for businesses and business owners…
However any type of business structure qualifies that’s S Corp to C Corp to LLC’s…what else…
Partnerships, even Sole Proprietors and even better yet a one-person company constitutes a company that is eligible to qualify for this type of plan.
Any size business, if it’s only an owner, employee, there’s no other employees… no problem!
They’re eligible to qualify for a plan and establish a defined benefit or a defined contribution plan.
They have 10 employees, 100 employees, 1,000 employees… every company can establish a defined contribution or a defined benefit plan.
We can also offer designs and structure plans where we can have a defined benefit plan which was a little more meaningful allows for higher contributions which means potentially more favorable tax treatment, and we can also add a profit sharing or 401(k) plan component so companies can have 2 types of plans at the same time.
They’re not limited to just one qualified retirement plan!