QUESTION: I'm interested in buying a restaurant that is about
$350,000. I currently have $200,000 in my 401K that I wish to use.
I understand that the way to do this
is to open up an C-corp, and have the c-corp be owned by my 401K.
However, I'll need a loan of about $150,000. My accountant
told me that that I cannot be the guarantor of a loan because it would nullify
the 401K ownership. Is this correct? Have you seen clients
where they use the 401K as a down payment, and then have the c-corp take out a
loan with them as a guarantor?
ANSWER: Yes it is possible. Please set up a
call to discuss further. Please visit following link and click on
"Book Now" button.
http://www.mysolo401k.net/
Any guidance would be greatly
appreciated!
Larry in Texas
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