a good friend offered to purchase a training course and provide up to $20k in seed money for inventory to get an Amazon business started for someone. The game plan is that his Roth IRA would own 50% of the business and the person chosen would own 50% of the business.
There were two main reasons the Angel investor wanted to do this
1. pay it forward and help a young person start a business
2. have a real case study which shows how a Roth IRA can own a business but not pay any UBIT or other taxes. (so long as the Roth owner does not work in the business)
We have about 50 applicants who submitted why they should be chosen. Today we narrowed it down to three who we interviewed by phone... and finally one person was selected.
ll be a fun experiment.
I will post results early next year.
There were two main reasons the Angel investor wanted to do this
1. pay it forward and help a young person start a business
2. have a real case study which shows how a Roth IRA can own a business but not pay any UBIT or other taxes. (so long as the Roth owner does not work in the business)
We have about 50 applicants who submitted why they should be chosen. Today we narrowed it down to three who we interviewed by phone... and finally one person was selected.
ll be a fun experiment.
I will post results early next year.
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