The correct plan for your business is determined by a number of factors. Here are some of them;
How many employees in the business? How many employees are family? Is the business profitable and do employees earn a good living? Do the owners want a maximum contribution plan for themselves. Are there key employees besides the owners? How old is the ownership and the employee population? And there are more questions; How profitable is the company and how long has it been profitable? And so on. So whether you put in place a 401k, profit sharing plan or defined benefit plan, these questions need to be answered.
.JPG){kind=avatar}
How many employees in the business? How many employees are family? Is the business profitable and do employees earn a good living? Do the owners want a maximum contribution plan for themselves. Are there key employees besides the owners? How old is the ownership and the employee population? And there are more questions; How profitable is the company and how long has it been profitable? And so on. So whether you put in place a 401k, profit sharing plan or defined benefit plan, these questions need to be answered.