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Gemini Institutional account Question
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1 Reply
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I have moved company LLC from A LLC to B LLC under my solo401k trust.
I have provided to Gemini Institutional Application my Fidelity account which is under A LLC.
They are asking me to provide clarification on relation of the A LLC (Not B LLC) to my Trust. And also notarized copy of the trust agreement.
How should I answer this?
How can I and should I switch the LLC within Fidelity to the new B LLC?
Thank you
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QUESTION:
I have moved company LLC from A LLC to B LLC under my solo401k trust.I have provided to Gemini Institutional Application my Fidelity account which is under A LLC.
They are asking me to provide clarification on relation of the A LLC (Not B LLC) to my Trust. And also notarized copy of the trust agreement.
How should I answer this?
How can I and should I switch the LLC within Fidelity to the new B LLC?
RESPONSE:
To address Gemini’s request, the following explanation can be provided:
The Solo 401k plan has been restated under the new self-employed business (B LLC). The Fidelity account was originally opened under the prior self-employed business (A LLC), but all such accounts are now governed by the restated Solo 401k plan which is sponsored by B LLC. The Solo 401k trust name and EIN remain the same, so the connection between the account and the Solo 401k trust is still valid. The Solo 401k owner is free to provide a copy of the updated plan documents reflecting the new entity and sign the same in front of a notary.
To update the self-employed business name at Fidelity from A LLC to B LLC, Solo 401k owners can simply contact Fidelity to request a change to the business name associated with the existing accounts. Some clients have found success by submitting the updated plan documents that reflect the new business name.
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