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Just think - you can form a Special Purpose Limited Liability Company for Self-Directed IRA Account
right over the Phone, or Online. It's easy. It's quick.
And you'll save a substantial amount of money.
CALIFORNIA DELAWARE FLORIDA ILLINOIS NEVADA NEW JERSEY NEW YORK GEORGIA
WHAT’S A SPECIAL PURPOSE LIMITED LIABILITY COMPANY FOR SELF-DIRECTED IRA ACCOUNT?
The strategy for using a Spiegel & Utrera, P.A. Special Purpose LLC for Self-Directed IRA Account involves forming an LLC with the self-directed IRA as an owner (or “member”) of the LLC. Funds are transferred to the LLC which, in turn, purchases and holds title to real estate. The creation of a self-directed IRA or IRA LLC enables you to choose what you would like to invest your money in. When you are the manager of an LLC, you have "checkbook control." That means that every time you are going to invest in a new asset, property or form a holding company to invest in assets or property, you don't have to have the custodian approve the transaction.
We will form your Special Purpose LLC for Self-Directed IRA Account under the personal direction of a qualified attorney who makes certain that all requirements are met.
Let us explain:
A special purpose LLC formed for a self-directed IRA owner has to comply with the Internal Revenue Code, Employee Retirement Security Act of 1974 (ERISA) and corresponding regulations. Such self-directed IRA owner is solely responsible for avoiding prohibited transactions and should seek the counsel of licensed attorneys and accounting professionals.
A special purpose LLC formed for a self-directed IRA must have a Operating Agreement that must include:
- language regarding Prohibited Transactions as defined by IRC Section 4975;
- language regarding the potential or the avoidance of Unrelated Business Taxable Income (UBTI) and, if incurred, that the manager will complete and ensure the timely filing of all relevant tax returns to the IRS and state authorities;
- language regarding additional capital contribution(s) and whether they are allowed or disallowed; if allowed, the agreement must state that: “Subsequent investments by the single member are permitted and do not create a prohibited transaction under IRC Section 4975;
- the participant (you) as a member in this form only: for example: Your IRA Services Company, Custodian FBO, your name as participant;
- a signature line for the Custodian;
- the Operating Manager and provide contact information for the Custodian;
- you, the participant, may act as the Operating Manager. The Operating Manager must sign the Operating Agreement, the Custodian will sign on behalf of the Member.
PROHIBITED TRANSACTIONS (see IRS Publication 590 for further information)
A prohibited transaction is a transaction between a plan (the LLC) and a disqualified person that is prohibited by law.
Prohibited transactions include, but are not limited to, the following transactions:
- a transfer of plan income or assets to, or use of them by or for the benefit of, a disqualified person;
- any act of a fiduciary by which plan income or assets are used for his or her own interest;
- the receipt of consideration by a fiduciary for his or her own account from any party dealing with the plan in a transaction that involves plan income or assets;
- the sale, exchange, or lease of property between a plan and a disqualified person;
- lending money or extending credit between a plan and a disqualified person;
- furnishing goods, services or facilities between a plan and a disqualified person.
A disqualified person is any of the following:
- you, the owner, of the plan (IRA);
- a member of your family (i.e., your spouse, ancestors, lineal descendants and their spouses);
- the Custodian/Administrator of the plan;
- any person providing services to the plan;
- any corporation, partnership, trust or estate in which you own (either direct or indirect) 50% or more;
- an officer, director, 10% or more shareholder, or highly compensated employee of the 50% or more owned entity described above.
The cost of a Spiegel & Utrera, P.A. Special Purpose LLC for Self-Directed IRA Account is just $554.90 for up to 4 members, additional members are $50 each if ordered at the time of forming your LLC and, as an additional bonus, it includes the required Special Purpose LLC for Self-Directed IRA Account Operating Agreement.
When forming any Company, we strongly recommend the owners obtain the maximum protection permitted by current Laws. One of the best ways to protect yourself is to enter into Indemnification Agreement at the time of formation of your LLC.
For example, you may include in your Articles of Organization a special provision to protect the Managers from any actions they take on behalf of the LLC called an Indemnification clause. Basically, the LLC agrees to indemnify and hold harmless its Operating Manager(s) (those who act as agents of the LLC and represent the LLC’s interest in day to day business transactions).
Once the Indemnification Provisions are in effect, the LLC would be responsible should there be any legal action taken against its representatives. In other words, the LLC would have to pay any legal fees or liabilities assessed against its Manager.
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