For a complete list of Mainstar Trust fees click here.
Work with your attorney to create and evaluate the benefits of an LLC. Mainstar Trust has referral firm options should you need assistance.
Contact Mainstar Trust at 1-800-521-9897 to see if Mainstar Trust has already accepted the specific LLC as administratively feasible.
If the LLC has not been accepted as administratively feasible, contact your advisor or the product sponsor to provide the following required documents to Mainstar Trust:
- Completed Asset Information Worksheet
- Articles of Incorporation or Certificate of Formation
- Prospectus, Partnership Agreement, Operating Agreement or Memorandum
- Subscription documents
- Provide an opinion letter from a qualified professional if you are a direct or indirect owner of 50% or greater of the alternative investment entity. IRC 4975 outlines guidelines for prohibited transactions within IRAs.
- IRA investors are encouraged to consult with professional advisors to ensure that you understand tax, legal or investment issues related to the use of IRA funds in LLCs. Also, refer to IRS 590, 598, UBTI IRC 4975, Prohibited Transactions and DOL Plan Asset Rules.
- Prohibited transactions – the IRS has specific guidelines for what is a “disqualified person” in an IRA. Any direct or indirect owner of 50% or more of any of the following could make you a disqualified person:
- The combined voting power of all classes of stock entitled to vote, or the total value of shares of all classes of stock of a corporation that is an employer or employee organization described in (3) or (4);
- The capital interest or profits interest of a partnership that is an employer or employee organization described in (3) or (4); or
- The beneficial interest of a trust or unincorporated enterprise that is an employer or an employee organization described in (3) or (4)
- For a list of IRS prohibited transactions in IRAs click here
Email all documents to firstname.lastname@example.org for review and acceptance prior to opening an account or executing a purchase.
Once Mainstar Trust has accepted the LLC as administratively feasible, open your Mainstar Trust account (see » below). Then email the following required documents to email@example.com or contact us at 800-521-9897: