Setting Up IRA Accounts

Jeffery S. Durden, Jr. on

Our fund is interested in investing IRA assets but have
never done so before. Our LLC operating aggreement has
provisions that accomadate IRA's but we have never attempted
to contact a willing custodian to act as a limited member.

Are there any clubs that currently use IRA accounts? What
custodian(s) did you chose? How did you initiate the
process? Are there any caveats you are aware of and or is
there any additional information that I might need to know?
We currently use optionsXpress and Fidelity.

Any help would be greatly appreaciated.

JD

iras1 on

Clubs cannot invest in IRAs, but I suppose you really mean that you want to have IRAs invest in your club. While I'm not personally aware of any clubs that have IRA members, they're not prohibited. As you note, the problem is finding a willing custodian.

You should be particularly careful since you mention that you use OptionsXpress. Certain types of options transactions ARE prohibited in an IRA and could void the entire IRA.

Ira Smilovitz

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In a message dated 03/19/10 09:50:00 Eastern Daylight Time, jdurden22@bivio.com writes:

Our fund is interested in investing IRA assets but have
never done so before. Our LLC operating aggreement has
provisions that accomadate IRA's but we have never attempted
to contact a willing custodian to act as a limited member.

Are there any clubs that currently use IRA accounts? What
custodian(s) did you chose? How did you initiate the
process? Are there any caveats you are aware of and or is
there any additional information that I might need to know?
We currently use optionsXpress and Fidelity.

Any help would be greatly appreaciated.

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