How to Hire IRA LLC Attorney Richard Keyt to Form an IRA LLC

In forming Arizona limited liability companies, including LLCs owned by an IRA or a retirement plan IRA LLC attorney Richard Keyt has learned how to make the IRA LLC formation process very easy.  Here’s the 6 easy steps the IRA owner must accomplish to hire Richard to form an IRA LLC for and get check book control over the IRA’s funds:

Step 1Research:  Spend some time on this website and learn about IRA LLCs.

Step 2Get Answers to Your IRA LLC Questions:  Contact me, IRA LLC attorney and tax lawyer Richard Keyt, at 480-664-7478 or [email protected] if you have any questions about forming or operating an IRA LLC.  I don’t charge to answer questions about IRA LLCs.

Step 3Move the Funds to a Custodian that Allows Directed-Investments:  If you cannot make self-directed investments where your funds are currently located, you must open an account with a custodian that will allow for the self-directed investments.  See “Custodians” that my clients have used for their IRA LLCs.  […]

How to Hire IRA LLC Attorney Richard Keyt to Form an IRA LLC2024-03-08T07:31:55-07:00

Can I Form an Arizona IRA LLC & Do Business or Own Real Estate in Another State?

Question:  Neither I nor my IRA custodian is a resident of or is located in Arizona.  Can I form an IRA LLC in Arizona that will own and operate a business or own real estate in another state?  If so, are there additional costs?

Answer:  Yes.  An entity (LLC, corporation or limited partnership) formed in one state can register to do business in any other state in the United States.  Doing business includes owning real estate in a state other than the state in which the entity was formed.  For example, if you are a resident of New York, your custodian is located in Ohio and your IRA LLC will own real estate in California, your IRA could form an Arizona limited liability company and then register it to do business in California.  If hired, we will prepare the papers for an additional $200 (plus state filing fees) for each foreign state and file it with any state in which your IRA LLC will own real estate or own and operate a business.

To register an Arizona LLC to do business in California involves preparing and filing a registration form an paying a $70 filing fee.  […]

Can I Form an Arizona IRA LLC & Do Business or Own Real Estate in Another State?2017-09-10T15:14:29-07:00

Can My Grandchild Borrow Money from My IRA LLC?

Question:  My IRA is the sole member of my IRA LLC.  Can my IRA LLC loan money to my grandchild?

Answer:  Legally yes, but the loan would be a transaction between the IRA LLC and a disqualified person, which is a prohibited transaction under Section 4975(c) of the Internal Revenue Code.  A disqualified person includes ascendants (parents and grandparents) and descendants (children, grandchildren, etc.) of the owner of the IRA and spouses of descendants.

Consequences of a Prohibited Transaction

An IRA LLC that engages in a prohibited transaction will cause the IRA to lose its tax-exempt status as of the first day of the tax year in which the prohibited transaction occurs.  This means that the IRA is deemed to have distributed to the IRA owner all of the assets in the IRA and the IRA owner must include in income for the year the fair market value of the assets as of the first day of the year unless the IRA is a Roth IRA.  If the IRA owner is under 59 1/2, the distribution will also cause a ten percent penalty.

Can My Grandchild Borrow Money from My IRA LLC?2018-05-13T13:58:53-07:00

Why Do Some Document Preparers & Attorneys Charge a Lot More to Form an IRA LLC than You Charge?

Question:  Why do some document preparers and attorneys charge substantially more than the you charge to form an IRA LLC?

Answer:  Because they can get away with it.  Most attorneys who may routinely form limited liability companies never form an LLC that has an IRA or a retirement plan as a member so they are unlikely to form this type of LLC when asked.  Most of the small number of attorneys and document preparers who actually form IRA LLCs charge far too much because they have little, if any competition, and they know that is it very unlikely a prospective client/customer will be able to find somebody else with the knowledge and experience to form an IRA LLC.  These types charge far too much because they believe they have a monopoly and can set a high price because clients/customers have no other place to go to form an IRA LLC.

Years ago I went to a seminar in Phoenix, Arizona, about how to use self-directed IRA funds to invest in real estate through an IRA LLC.  The person who gave the presentation was an attorney not licensed to practice law in Arizona.  He told […]

Why Do Some Document Preparers & Attorneys Charge a Lot More to Form an IRA LLC than You Charge?2024-03-08T07:35:28-07:00
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