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The IRA-owned LLC is used for Checkbook Control. The IRA is the sole owner of the LLC and you, as the IRA owner, are the Manager of the LLC. This set-up allows for the IRA owner to directly control their investments without oversight or approval of a custodian. The IRA-owned LLC is formed by filing a Certificate of Formation with the Secretary of State. Then an Operating Agreement is created designating the IRA as the owner and you as the Manager of the LLC. The IRA will officially “own” the LLC, but you will control it. The Operating Agreement is also required to have restrictions to ensure that certain prohibited transactions do not take place.
We specialize in ensuring that the LLC formation and management is compliant with IRS, and we also have relationships with almost every custodian (uDirect, NuView, Kingdom Trust, etc.) to ensure a smooth process. We also have banking and other contacts in place for you to set up, establish, and fund your new company all without ever leaving your home.
The IRA Owned LLC has upfront costs as well as yearly costs that are just like any other LLC. These fees vary from state to state but generally include: (1) a registered agent fee ($99/year), (2) A Franchise Tax and Franchise Tax filing, (3) a yearly fee ($300 on average), and (4) on-going corporate compliance.
We offer a full service for all of your IRA compliance and entity compliance to ensure that you are going to be on the right side of the law with your IRA Company and investments.