The Process

Self-Directed Checkbook IRA from IRA LLC LAW

A Self-Directed Checkbook IRA LLC is easy and quick to set up. Priced at just $1,000 plus LLC registration fees by the State of your choice*; here is how the Self-Directed Checkbook IRA LLC process works and what IRA LLC LAW will help you .

Step 1: Organize the LLC in the State of your choice.

IRA LLC LAW will organize and register the LLC with the state of your choice and obtain EIN from the IRS.

Step 2: Establish Self-Directed Checkbook IRA

The next step is the drafting of a Self-Directed Checkbook IRA Operating Agreement containing specific IRA language. This is also performed by IRA LLC LAW.

Step 3: Transfer retirement funds

Transfer/roll over funds from former employer retirement plans or IRAs to new Self-Directed Checkbook IRA that allows for investing in an LLC. This is done by you simply contacting your current IRA custodian.

Step 4: Checking account

As the named manager of the LLC, you will establish a checking account for the LLC at any bank of your choice.

Step 5: Funding IRA LLC

The Self-Directed Checkbook IRA custodian then processes investment directive and funds the Self-Directed Checkbook IRA owned LLC by wiring the funds to the LLC checking account.

Step 6: Investing

After the Self-Directed Checkbook IRA owned LLC checking account is funded, begin processing investment purchases.


The IRA LLC Operating Agreement

So you’re researching the IRA LLC strategy, like all the benefits and decide that you are going to set up a Self-Directed Checkbook IRA LLC. You have identified several IRA custodians to work with but every one of them wants to see your IRA LLC Operating Agreement and you don’t have one.

In addition to the advice, guiding you thru the entire process IRA LLC LAW provides you with an Operating Agreement which both the Custodian and the IRS requires.


Things you need to know about the IRA LLC Operating Agreement:

Step 1: Name your operating agreement

Most states call the main LLC governing document an operating agreement but depending on the state this may be called a company agreement, company bylaws, etc.

Step 2: Legal-ese and IRA language

This is where you get to tell your IRA custodian how you are going to run your Self-Directed Checkbook IRA LLC and prove you know the rules well enough to handle a Self-Directed Checkbook IRA LLC. Drafting the right agreement the first time is important because IRA custodians won’t go through trial-and-error methods with you, and it’s a conflict of interest to write this agreement for you.

Step 3: Read and understand your agreement

Now that you have an operating agreement for your IRA LLC make sure to thoroughly read through it several times so that you fully understand the responsibilities you are agreeing to. When this is complete and you’re satisfied you can send all the necessary documents to your IRA custodian for approval.

To conclude, these are the basics behind a Self-Directed Checkbook IRA LLC operating agreement. So long as you have a solid understanding of IRA prohibited transactions you should be well on your way to growing wealth with a true Self-Directed Checkbook IRA.

* If you chose to organize your LLC in Missouri and you are not a resident of Missouri, IRA LLC Law will charge you an additional fee of $125 for IRA LLC Law to serve as your resident agent for five years or you may choose another resident of Missouri to serve as your LLC’s resident agent.