Self Directed IRA http://www.iraclub.org The IRA Club is a leader in helping individuals setup and maintain a wide range of Self Directed IRAs. Tue, 15 May 2012 01:09:11 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Multi Member IRA LLC Responsibilities http://www.iraclub.org/multi-member-ira-llc-responsibilities/?utm_source=rss&utm_medium=rss&utm_campaign=multi-member-ira-llc-responsibilities http://www.iraclub.org/multi-member-ira-llc-responsibilities/#comments Wed, 04 Jan 2012 18:19:27 +0000 admin http://www.iraclub.org/?p=1194 Multi Member IRA LLC Responsibilities

 

The Multi-Member IRA-LLC is a powerful investment tool; as with any powerful tool, care must be taken that it is managed correctly.

As the Manager of a Multi-Member IRA-LLC (aka Family Checkbook IRA) your responsibilities include:

  1. Engaging in no Prohibited Transactions with the LLC funds. Even if only one member of the LLC is an IRA account, the entire LLC should follow rules against making a Prohibited Transaction.
  2. Distributions made from the LLC must be made to the IRA accounts and not directly to the individual.
  3. Renewing the LLC as required by your State.
  4. Filing (or directing a tax professional to file) an IRS Form 1065 annually.
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