ROBS - Roll Over as Business Startups with 401(k) -Funding a startup.
I’ve been looking for a good way to get some funds to startup a business without relying on a personal loan from family or friends.
I’ve been contract by a company that helps you tap into your 401k’s with out paying a penalty for early distribution or other fees.
Yes I’ve done some preliminary research and these are allowed by the IRS and seem legal. There is a page on the IRS website acknowledging this as a strategy to fund a startup business, if it fits their requirements.
The company offering this service does charge a fee to help me get setup legally and how to report it to the IRS. It’s a flat fee and only one time.
This allows me to use the funds saved in my 401(k) or other similar retirement account as equity and capital for my startup.
There are several different companies offering this service.
My question is has anyone heard of this or done it before?
I’ve been looking for a good way to get some funds to startup a business without relying on a personal loan from family or friends.
I’ve been contract by a company that helps you tap into your 401k’s with out paying a penalty for early distribution or other fees.
Yes I’ve done some preliminary research and these are allowed by the IRS and seem legal. There is a page on the IRS website acknowledging this as a strategy to fund a startup business, if it fits their requirements.
The company offering this service does charge a fee to help me get setup legally and how to report it to the IRS. It’s a flat fee and only one time.
This allows me to use the funds saved in my 401(k) or other similar retirement account as equity and capital for my startup.
There are several different companies offering this service.
My question is has anyone heard of this or done it before?