This is a qualified employer retirement plan, not just an "account".So, you have the Ford 401k Plan or the Apple 401k plan, as examples, or commonly the "Smith 401k plan" in a sole proprietor format.While a plan name can be changed, it is not just something you do at will.  

@Mark Creason, yes it's in the first ward and I and the proprietor both have good relationships with Moreno.

A business can be a sole proprietor, partnership, LLC, corporation, etc.

First, I was thrilled to discover that the proprietor of the "Seattle Grandmothers' Club" resided at our house. 

I have a partner and I can't add him to the business as a sole proprietor.

No selling means there is no selling of affiliate programs or training programs or weekend events that the owners or proprietors of the meeting profit from or take a percentage of the sales they promote that evening.

A real estate lawyer explained that as a sole proprietor + passive investor who does not spend more than 750 hours per year in real estate, and do not have to issue one.  

@Ray SlackBrian is correct that as sole-proprietor your profit sharing contributions are limited to 20%.The employee elective deferrals are reflected on 1040 schedule, but not the profit sharing.

Going forward once i start signing agents on, how do i want to structure my llc ( s corp c corp or sole proprietor ).Also if i plan to do property management is it okay if that money commingles with my agent commission splits?

Until the entities form, you act as a sole proprietor... taxation is the same as if it were a standard LLC.