Changing the adopting business
I currently have a Solo 401k, under one self-employment business. If I have another business, can I change the adopting business of the Solo 401k to that other one?
What if I am closing my self-employment business, but don't have another?
If you have another self-employment business
Yes, the adopting business of your Solo 401k can be changed to another self-employment business that you own. This would occur through an amendment to your plan.
In an amendment, the plan information stays the same:
- The 401k plan name stays the same
- The 401k EIN stays the same
- The information on the 401k accounts and investments stays the same
To amend your plan:
- Check that the new self-employment business meets the requirements for the adopting business of the plan
Choosing a business to adopt your Solo 401k
- Complete an amendment form
Once we receive your amendment form, we will process the amendment to your plan and send you the plan documents for your signature and safekeeping.
If you don't have another self-employment business
The 401k is an employer-sponsored plan and requires a self-employment business to adopt it. If you are closing your self-employment business without another, you will need to terminate the 401k.
How do I terminate my Solo 401k plan?