Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can someone establish an Individual 401(k) if his/her business has employees?

April 26, 2017Business employees individual k

0

Posted

Can someone establish an Individual 401(k) if his/her business has employees?

1 Answer

0

Posted

No. The only other employee who may be included in the Individual 401(k) besides the business owner is the owner’s spouse, partners, and partner’s spouse. If the business employs additional employees, the business will be required to transition to another type of plan. Please contact us at 1.800.209.9010 to find out about other products and services available.