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A sole proprietorship may make annual profit-sharing contributions to a Solo 401(k) plan on behalf of the business owner and spouse. Internal Revenue Code Section 401(a)(3) states that employer contributions are limited to 25 percent of the business entity's income subject to self-employment tax.

In addition, there are four initial steps for setting up a profit sharing plan: ? Adopt a written plan document, ? Arrange a trust for the plan's assets, ? Develop a recordkeeping system, and ? Provide plan information to eligible employees. for day-to-day plan operations.

In addition, there are four initial steps for setting up a profit sharing plan: ? Adopt a written plan document, ? Arrange a trust for the plan's assets, ? Develop a recordkeeping system, and ? Provide plan information to eligible employees. for day-to-day plan operations.

Profit-sharing plan: allows you to decide how much to contribute on an annual basis, up to 25% of compensation (not including contributions for yourself) or $66,000 for 2023 ($61,000 for 2022, $58,000 for 2021, $57,000 for 2020 and $56,000 for 2019).

Yes, you can file the Certificate of Amendment by mail to change your Alabama LLC name. Download and complete the Certificate of Amendment form and mail to the Secretary of State. Remember, along with your Certificate of Amendment, you'll also need to mail in your approved LLC Name Reservation.

If you file online, the total cost will be $236. It's the same $200 for the Certificate of Formation and $28 for the LLC Name Reservation, however, there is an extra $8 fee for filing the Certificate of Formation online. If you file by mail, your Alabama LLC will be approved in 1-2 business days (plus mail time).