All Forum Posts by: Glenn N.

Thank you David, I appreciate it.

Yes, Dmitry, i agree the advice they gave me seems sketchy, especially when I had conflicting opinions from 2 different tax lawyers. Their answer was they would back it up in court, ON THEIR DIME OR MINE? And they say they do this with many people, which does not make it correct. I'll see, the jury's still out waiting t see how they handle the refund. That will tell me what kind of company they are. 

I was working with Anderson, and when I saw their plan for the protection and a solo, I freaked out, they would not tell me the fees for the future to keep 11 LLCs, 2 land trusts, and a c corp going. Nor could I see it on their site, I'm presently trying to get a refund, way too much to handle at my age ..... still waiting for refund , they are stalling, 

 Presently i get that income but going to drop off quite a bit here when loans are paid off. But it would be hard to find that many fees I could charge myself in the c-corp

i agree there should be but trying to open a solo 401K, this is the plan they gave me. I questioned it and the lawyer said it's legal and good but another lawyer said you might get away with it for a couple of years then they would fine you and would not allow it.

 Yes, the two hard money lending LLCs are not active companies because they are long-term loans over a month-long -years only short-term payday or bridge loans can be active for loans.  This is why the lawyer said to start a holding company c-corp and the two passive LLCs (existing LLCs are disregarded entities) will pay you a salary as the manager of the c-corp and pay the c-corp fees for the management. It seems a bit out there. The 2 llc's were s -corps at one time but cannot have majority passive income for more than 3 years in s-corp so had to retract s-corp status.

 OK I think will work, My main worry was if it's ok for the LLCs to pay with passive income from long-term lending rather than short-term lending (payday loans or bridge loans) to the holding company making it active income for fees and salary to the c-corp  ( I forgot to add this in the beginning and this is what one lawyer had heartburn with)

I would like  to start a solo401k, I had someone draw up a structure. This structure would be A C-Corp holding company with two hard money lending LLCs ( passive income disregarded entity) paying the C-corp fees to run them. Then the C-corp would open a Solo 401K for me and fund it with the fees. One lawyer said it was completely legit, But I want to fund the whole 401k, and to do that it be income off almost 200K and how would I justify these using fees? I had another lawyer say you cannot fund this with passive income from the two LLCs with passive income. I would have had the two LLCs 'c that was lending but I had to retract the s status because you cannot have more than 3 years of passive income in an s-corp . Seems like it would be pushing the envelope and asking for an audit and fines.