Maine LLC Formation for Self Directed IRA Plans
State Capital: Augusta
A Limited Liability Company (LLC) is a hybrid legal business entity that combines aspects of both a corporation and a partnership. It consists of members who have membership interests and may be individuals, corporations, other LLCs or, in the case of retirement plans, the Self Directed IRA account is the Member.
Each state has different requirements for forming a Limited Liability Company (LLC). In the State of Maine, the following criteria applies:
LLC Name
The name must end with “Limited Liability Company,” “LLC” or “L.L.C.” and must not contain words implying a business purpose different from those in the Articles of Organization. The name cannot be the same as, or deceptively similar, to a name already in use, or a registered or reserved name.
LLC Requirement Information
- Member Number Requirement – must have at least one or more members.
- Member Residence Requirement- no requirement.
- Member Age Requirement – none.
- Formation Document – Articles of Organization
- Registered Agent – must be located in Maine with a physical address (no P.O. Box). A member/manager located in the state may be designated as the Agent or any individual or company that the Manager assigns that responsibility.
The Self Directed IRA LLC
The Maine Self Directed IRA LLC is a powerful and flexible tool for retirement investors who want to completely control their investment funds while reducing operational costs.
This investment platform is made up of two parts: 1) a Traditional or Roth IRA and 2) a special purpose Limited Liability Company (LLC).
Many types of retirement and pension funds can be rolled over into the Maine Self Directed IRA account that has been set up with a non-traditional custodian. After account set up, the funds can then be moved into a local bank account established for the LLC.
Once retirement funds have been moved to the Self Directed IRA LLC, the account holder has check writing authority sometimes called “checkbook control” over the account.
The account holder, acting as Manager of the LLC, is able to invest in a wide variety of assets, both traditional and non-traditional. From the stock market to foreign real estate holdings, the Maine Self Directed IRA LLC is, by far, the most cost effective and efficient way to invest with retirement funds.
Safeguard Financial sets up Self Directed IRA LLCs in all 50 states, including Maine.
