All Forum Posts by: Jim Copen

Hi Rajeev-

Thanks so much for the response. I was sort of thinking this would be the case but could not find a way to confirm. I really appreciate your response!

Thanks!

Jim

I own a remodeling/handyman business in Chicago. Its been a slow winter and we are moving to a new office that is eating up lots of my cash. I am in a bit of a cash crunch for the next few months and wanted to tap my 401K for a 50k loan. I have done this before, and paid it back, but I am wondering if the ROBS method would work for me. I do NOT have an existing 401K set up for my company currently as this is money from an old 401k from an old employer.

Could I take the old 401k money set up another C corp, (besides the S corp I already own with employees) for a loan to my existing business?  I think I would be looking to do a "ROBS" type of deal. 

I have am comfortable taking the money out of the existing account for a 50k loan. I am just thinking if I go the ROBS route I could have access to more of the money if necessary.

In the end it would be nice to have a convenient way to access more of the 401k money if necessary and not be stuck with the 50k minimum the plan allows. Maybe someone has another direction I should go?

Hope this makes sense. Just joined today but I am finding huge value in this board already. Thanks in advance!

Jim