Solo 401(k) Benefits To Entrepeneurs

Feb. 15, 2013 - PRLog -- Many Americans have lost their jobs during the recent economics times, and are looking for a way to start their own business. Their biggest roadblock is them attempting to secure a bank loan. MySolo401K.NET believes that the Solo 401(k) can help individuals looking to raise capital.

MySolo401K.NET at http://www.mysolo401k.net, explains who a Solo401k might be able to help an individual start a business, in addition to understanding the potential drawbacks of utilizing this option.

Individuals that are self employed, or small business owners, who have no other full time employees other than their spouses are eligible to setup a solo 401(k) plan. By doing this, they can roll their existing 401(k) from a previous employer into the plan. Once this solo 401(k) is funded, the IRS allows for an individual to borrow up to $50,000 or 50%, whichever is less. Individuals have flexible pay-back  terms. The funds remain earmarked for retirement as long as the individual is able to continue making loan payments.

In order to learn more about the Solo401K option, visit http://www.mysolo401k.net