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I will be quitting my job in January and purchasing a Franchise BBQ restaurant. This will be a new establishment that will start-up in March. I live in West virginia but the business will be in Virgina so we can decide which is best to have the C-corp registered in. I will also have up to 2 other minorities partners as well that I will need to get a partnership agreeemnt in place.
I want to ensure that you have been involved with starting up Corporations Class C with Robs since I understand the IRS is very particluar on how I can roll over my 401K in order to buy shares and not be taxed. The other two partners may do the same as well. I Have $125K in my 401K with $25K on a loan. I will pay back the $25K before we do the roll over so there is no issues with trying to roll over the load to the new start up company. My Wife and I will be the primary owners. And I am lting the other two buy in with as much as they want and become salaried employees. I was thinking of doi...
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