Watch This Video First
What You Need to Get Started
Have the following handy
Basic contact info
SSN
Driver license
Business contact info
Name
Structure (sole prop, C Corp, S Corp, LLC, etc)
Business start date
State of Formation
Choose your Trust Name
Choosing Your Trust Name
Your 401k trust name can generally be anything you want and may be different from your business name.
Here are a couple of important tips:
Some accountholders choose a greater level of privacy by not tying the trust name to their business or personal name.
Do not include the word "Family". The Solo 401k is not an estate or living trust.
As part of creating your Solo 401k plan, we'll obtain a new tax ID number for the Solo 401k trust from the IRS. It's possible to change the name connected to a tax ID number later on, but it takes a long time with the IRS. Choose a trust name you'll be happy with for a long time.
We strongly recommend your trust name end with the word "Trust."
Ideas and Examples for Trust Names
Background info for example
Participant: John Smith
Sponsoring Business: Smith Consulting, Inc.
Example trust names:
Smith Consulting 401k Trust
Smith Consulting Holdings Trust
Smith 401k Trust
Smith Holdings Trust
Example trust names for preserving privacy
Galactic Holdings Trust
Cosmic Asset Trust
Space Enterprises Trust
Ultimately, you can name it whatever you like, with “Trust” as the last word. The other words can relate to your business name. Or, to preserve privacy, you can use any other words.