In just 4 easy steps, you can use your existing retirement account to fund your new business, all with no debt, no taxes, and no penalties!
Step 1: Create a C-Corporation
Benetrends will establish a C-corporation for you, ensuring the incorporation process is completed accurately. This includes following the correct incorporation process in all 50 states and the District of Columbia. Your corporation will be established in the state where you will conduct business; additional steps will be taken if you plan to conduct business in more than one state. Upon approval of the incorporation, Benetrends will file for your Employer Tax and Retirement Plan ID numbers with the IRS and provide both company bylaws and corporate minutes. Benetrends will then create a custom retirement plan that best suits your individual company’s needs, whether it is a Profit Sharing Plan, 401(k) or other plan type. Your new custom Plan documents will be created stating the corporation is the sponsor of the new Plan.
Step 2: Design New Qualified Retirement Plan
Upon receipt of your executed documents, we will review the information with you and provide detailed instructions for opening the corporate and retirement plan bank accounts. Your Benetrends pension analyst will guide you through the process of rolling over your funds from your existing qualified retirement plan or IRA to your newly created Plan. We are always available to speak with your previous employer or financial representative to ensure the process is properly handled in a timely manner.
Step 3: Banking Rollover Process
The Plan is now able to invest in the newly formed C-corporation. We will confirm the total dollar amount you are using to invest and calculate the shares of stock the Plan owns in the corporation. Stock certificates and a plan book will be prepared and provided.
Step 4. Fund Your New Business
Your corporation is officially funded and you are ready to purchase your new business or franchise. Benetrends will continue to keep you on track with regard to all aspects of Retirement Plan Administration. After all is said and done, the entire 4-Step Process normally takes 2 to 3 weeks to complete. At any point during the process, please do not hesitate to reach out to your dedicated Benetrends pension analyst. We are more than happy to address any questions or concerns that arise.
The Rainmaker Plan is designed specifically to help you:
- Minimize debt
- Enhance cash flow
- Stimulate business growth
- Build equity
- Take full advantage of tax benefits
The benefits are powerful, yet easy to understand:
- You invest your retirement funds in your business—without taxes or penalties
- You use a safe, proven plan based on long-standing provisions of the IRS
- You use pre-tax dollars to fund your business
- You gain business equity and an improved cash flow position from the start
- You can use the funds to receive a salary during startup
- You accelerate business profitability by eliminating or reducing interest and debt
- You secure funding fast—typically in two to three weeks or less
- You can set aside tax-deductible retirement savings up to $200,000 per year
- You optimize business equity and value