Wednesday, April 14, 2010

Self-Directed IRA Almost Ready To Roll

I received my LLC paperwork package in the mail two days ago. Today, I received confirmation that the LLC creation notice has been published in a newspaper of record (as required by law). My next steps are:

  1. Send the IRA custodian instructions to issue a check to the LLC for the purchase of membership shares. This is where my IRA takes ownership of the LLC, thus giving me a self-directed IRA.
  2. Return the membership roster and member share certificates to the company that set up the LLC for me. (The company is related to the IRA custodian, but not technically the same company.)
I could go open a bank account now using the LLC documents I have, but I will wait until I get the check first, since I don't feel like trying to see if I can open a checking account without making a deposit. Why complicate things?

I'll get all the forms mailed out tomorrow, so I figure it should be a week before my check arrives and I can open a bank account.

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