3 ms·
Your lawyer was wrong, then. If you look around, you'll find coverage of people successfully doing their startup shares in their Roth IRA, and I know one billio
by gwern 8y ago
Your lawyer was wrong, then. If you look around, you'll find coverage of people successfully doing their startup shares in their Roth IRA, and I know one billionaire personally who did that.
- sokoloff 8y agoIt’s a facts and circumstances thing. Yes, it’s possible to do. It’s not possible in some circumstances. (Not possible for S-Corp, not possible if the company will be buying assets [inc IP] from the IRA holder, probably not possible if the company isn’t profitable enough to pay a salary from operations [you can’t work for free for your IRA holding, it’s legally risky to use your IRA to funnel you current salary], etc) GP’s lawyer could very well have been right in advising that GP couldn’t do it under that specific set of facts.
- ummonk 8y ago>probably not possible if the company isn’t profitable enough to pay a salary from operations Yeah, that was definitely the case.