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DRDA, P.C. Helps entrepreneurs use pension fund to buy start-ups
Houston, TX (openPR) 4 December 2008
DRDA, PC announces a free webinar on 9 December, organized by the accounting firm Senior Partner, Douglas A. Dickey, CPA, explained the BORSA ™. The early educational webinar to help budding entrepreneurs learn to use their personal pension plans to open a shop to tighten bank lending role credit standards and make fewer loans in the current credit crisis.
The Small Business Administration recently reported that the number of 7 (a) loans – most often accessed the SBA loan – 30% fell in the year ended 30 September. The decrease in SBA loan at a time when many business owners like to start or buy businesses because they happen to start a second career after leaving the company’s workforce.
credit tight, many companies looking for alternative funding sources and look beyond conventional SBA lender. For many small businesses are the main source of financing comes from personal savings or refinancing your personal residence with a home equity line of credit. Others are external sources like friends and family, capital markets and private equity groups. However, the financing from third parties prove undesirable because external sources usually expect a lion’s share of the economy in return for equity financing. And home equity loans can get as heavy as a traditional small business loan in today’s lending environment.
A growing number of entrepreneurs choosing a little-known qualified plan to use so-called Business Owners Retirement Savings Account: BORSA ™. A BORSA ™ allows entrepreneurs to purchase or renovation of a franchise fund, starting a business, assistance or business assets their investments in a “qualified plan” – a 401 (a) a pension, 401 (k) profit sharing plan, 403 (b) 457 , or IRA rollover. By using the BORSA ™ purchases are without distributions, taxes, penalties, or the use of the retirement plan loans. bereaches
DRDA, PC, an accounting firm that designed BORSA ™ start in 2005 as a result of extensive research for a tax-and penalty-free solution for customers with the need to access their retirement accounts on a company. They analyzed the provisions of the Internal Revenue Code (IRC) and the Employee Retirement Income Security Act (ERISA), as well as trade publications and court proceedings that they felt were relevant. In addition, DRDA sought the expertise of a nationally recognized ERISA attorney to solidify the legality of such a solution. Today is the Borsa ™ and is recognized in all 50 States.
There are three basic requirements for setting up a BORSA ™ for a company. First, the entrepreneur must have an existing retirement account such as an IRA or another of the above accounts and have the option to transfer or rollover of funds in the Borsao. Second, the company eligible “active trade or business secrets,” which will have at least one employee. Third, individuals familiar with Borsao professionals to work rules and applicable law.
To clarify, a BORSA ™ is not a loan, nor a self-directed IRA. A direct investment in an “active business” by a self-directed IRA is prohibited. The Federal Government recognizes the use of money from a 401 (k) plan as an investment manager. In fact, the Small Business Administration SOP 50-10 (5) published on 1 August 2008 provides SBA will not require a 401 (k) plan, which guarantee more than 20% or more of a company loan. What is more, in contrast to other funding sources such as credit, SBA loans or asset-backed Borsa ™ Plan does not create additional debt for the entrepreneur.
For more information about the BORSA ™, call 281-954-6040 and visit http://www.borsaplan.com.
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