Multi Member IRA LLC Operating Agreement - who can draft?

11 Replies

@Sasha Danvilen your question is not very clear. I am guessing you want a checkbook IRA but with multiple IRAs. This is a horrible idea. Now you can create an LLC and Mutiple IRAs can be members of the IRA. However you need to be aware of UBIT taxes etc.



Originally posted by @Ned Carey :

@Sasha Danvilen your question is not very clear. I am guessing you want a checkbook IRA but with multiple IRAs. This is a horrible idea. Now you can create an LLC and Mutiple IRAs can be members of the IRA. However you need to be aware of UBIT taxes etc.

Ned, I wanted to create an LLC with 2 IRA members. I know I will have to file partnership taxes, that's okay, but why UBIT if I don't engage in unrelated activities? I need someone to help with drafting a 2 member IRA LLC Operating Agreement. Is that a horrible idea??

 

@Sasha Danvilen

Get an attorney and cpa familiar with IRAs and 401ks. They can help you identify the best strategies and entities to use to meet your objectives. See if your Ira custodian works with any of the pros directly. 
Your approach appears to be similar to our other clients and it can be very lucrative if setup correctly. Do your research- it’s worth it. 

@Daniel Dietz I am looking for an attorney who can draft a 2 member LLC Operating Agreement (when 2 different people participate 50/50)

I am really surprised it is so hard to find a company that does it. Should be just a template where lawyers insert the names and the participants shares in the LLC, a clause about adding funds in the future, then recite all the prohibited transactions, blah blah, legalese, etc. and voila.. 
 I was not able to find anything online.

@Sasha Danvilen we had very good service from Mark Kohler's firm KKOS Lawyers. It is a specialty of theirs. Ours is a 3 member LLC with all 3 being self directed accounts.

We talked to our local guy who did our LLCs that are *not* retirement accounts and when he read up on it he had no interest and said we need to find a specialist. There are a lot of little details that need to be covered to do it right with all the nuances of it.

If you google Mark's name and IRA he has a TON of good videos on the subject, along with a lot of other real estate entity related info.

Dan Dietz

@Sasha Danvilen I had to read all the posts to figure out what it was you need.

Call a lawyer with experience in corporate transactions in your area. This is a simple request.

Second, this is an interesting request so there is likely no template out there and depending on your deal, you may have to edit it anyway.

Good luck and keep us posted about your deal!!