I have my company 401k with Vanguard, and I'm a single founder. I do have a single-k, so it may only be harder to set it up if you have two or more employees.
Yes. The Small Business Plan (not the single one) is harder / more annoying. It's also improved a lot in the last five years, but the fact is that Vanguard / Fidelity still don't really compete for this business (yet) and are happy to have these folks figure out the recordation, ERISA, etc. issues.
Do you have any revenue / income yet? Did you raise funding and thus are paying yourself a salary? I'm genuinely curious about single-person 401k plans in the absence of real revenue...
> Do you have any revenue / income yet? Did you raise funding and thus are paying yourself a salary? I'm genuinely curious about single-person 401k plans in the absence of real revenue...
I've been running the business full-time since 2010. I'm paying myself a salary and haven't taken any funding. I don't have plans to scale massively or hire employees.
As far as I recall, I don't think Vanguard cared one way or the other about how much revenue the company was making. It's been a while since I set it up though. :)
I just mean you need revenue to pay yourself such that a tax-deductible contribution to a 401k is actually tax deductible. (Being a solo person with revenue is absolutely fine, I wrongly assumed you had done this recently and thus might be pre-revenue).
