Creating an IRA LLC

Discussion in 'Professional Trading' started by ZoneTrooper, Nov 16, 2005.

  1. I've been doing quite a bit of research on how to form an IRA LLC owned by my Self, Wife, and Children (Educational IRA).

    I'm looking at doing the following:

    1. Create an LLC that will have me, myself and I manage it.

    2. Open up account at for everyone in my family.

    3. Instruct IRARESOURCE to buy into the LLC.

    4. Make FOREX trades, and retire rich, rich, rich. .:D :D :D :D

    Has anyone else out there done anything like this?

    Has anyone done business with IRA recourse?

    Does anyone body see any flaws in this great plan do denying the U.S. government of my hard earned cache????

    Any comments will be most welcome.

    By the way, I'm thinking about going with IRA Resource because of their flat fees are the most reasonable that I've been able to find. If anyone else knows of a better company it would be appreciated.
  2. "4. Make FOREX trades, and retire rich, rich, rich."

    even if you could set up the ira that way you are dreaming.
  3. In addition to my strategy, I was thinking about forming a Non Profit Corp, and having it invest in the LLC also.

    My family gives a lot to our local church, and other charities, and I figure this is a way to give some more.

    Anyone else out there doing this?
  4. Am I the only one ET member making profits?

    Seems like no one wants to figure out how to keep the Goverment from taking thier hard earned gains.

    Maybe I'm all alone in this, and everyone else is just loosing money......
  5. yep you are right. you are the only one.
  6. Oh.

    In addition, I'm looking at creating a charity that will most likely end up being a Private Foundation and with any luck maybe a public charity. But in any event, I was looking at having the charity invest into the LLC.

    According to the IRS regs, it was looking like I was not going to be able to do this, since there might be an issue with self-dealing.

    Then I found this ruling letter at:

    Looks like it's not going to be a problem.:D :D :D :D

    Any comment from the peanut gallery?

    Or am I still the only one out there in ET land making profits, and trying to deal with the problem of too much gain!!!!:D
  7. Ok. About three weeks ago, I filed to create my charity.

    Last time I created a corporation, it took about two weeks for the state to get back to me.

    This time it seems to be taking a bit longer.

    Oh well. I was trying to get this new charity started before the new year so I can sink some money into it, and get a tax deduction.

    Guess not for this year.
  8. Just today I've been looking at setting up a non-profit in Maryland.

    In your situation I guess that your not planning to take a salary for your activities.

    From what I've read it looks like if you're paid as an employee, then the non-profit has to withhold and pay employment taxes on those wages.

    Also what are you using as your argument that you should be classified as a tax-exempt non-profit?

    The instructions for form 1023 state that you must be involved in religious, charitable, scientific, public safety, literary, educational purposes, or promoting amateur sports, or preventing cruelty to children & animals.
    #10     Dec 23, 2005