You should think about which type is going to be the best and what benefits each would have. However, if you want to set up your own, then here are a few more steps that you would need to follow, including:
1. Decide who is going to establish and maintain this plan
2. Create the written document for the idea
3. Set-up a trust for the assets
4. Create a recordkeeping system for all expenses, fund additions and much more
5. Distribute the information to your employees
These steps are going to be vital if you are creating it yourself, but you can also arrange to work with another company. However, you should make sure that you know what to consider when it comes to that, such as:
• Fee for setting up the accounts
• Total amount that can be contributed
• How much you want to contribute in addition to the employees
• Reputation of the company you are choosing
Go ahead and figure out which option is going to be the best for your needs and what you would want to do for your company and your employees. You need to ensure that you are making the right choice that would work not only for yourself, but also for the company.
Ensure that you have a small business 401k plan and that you are thinking about which method of operation is going to be the best for you. This might include going with a company who can set this up for you or doing it yourself, which can be complicated if you don’t have the right experts. You also need to know what are the best type of account that would work for you, so make sure to think about this before making a decision.
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