Legal Question in Business Law in Texas

LLC funding with IRASEP/personal funds for investment

I am contemplating use of monies in an IRA-SEP account, currently held at a brokerage house, to purchase foreign real estate( Mexico ). I am aware that a Trust company in Texas can legally assist in this process by having all/some of my currrent IRA-SEP monies placed in their institution as an IRA-SEP for myself with Trust Co. acting as custodian. I must,however, form an LLC ( Limited Liability Company ) - any state - with a valid '' operating agreement '' to meet their requirements. (1) Will any funding of the LLC by/through Trust Co. IRA-SEP FBO myself be disqualified and penalised as not complying with IRS rulings for IRA-SEP accounts, ie, foreign real estate investment by such LLC and if allowed (2) can the LLC have partners that include both (i) myself personally and (ii) the Trust Co. IRA-SEP FBO myself (in an agreed percent ownership) as funders/partners of the LLC without a conflict? I would select a ' managing partner ' independent of (i) and (ii) and with no vested interest to act independently of the two partners nor related to Sterling Trust. (3) As I can set up an LLC with apparent ease in a State of my choosing, ie.Nevada,Delaware, do I require an attorney for completing the � operating agreement �?


Asked on 6/01/06, 7:29 pm

1 Answer from Attorneys
James Grissom Law Office of James P. Grissom

Re: LLC funding with IRASEP/personal funds for investment

These are very specific questions which need the attention of a tax attorney or a CPA.

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Answered on 6/02/06, 10:50 am


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