Hi,
So I’m a bit new to understanding all this. I’m a partner under one LLC with my father as an”officer” since I joined partnership mid way of the business. The business is an s corp & I receive a schedule k-1 every year. We have another business that I also get paid from but have no ownership. Both businesses im In receive a W2. I’m really trying to set myself up for retirement and want to open a 401k. We can’t afford to offer all our employees a 401k so can I open a uni-401k or sep 401k? I talked to my father about it and he says I can’t but I don’t trust him. I have a Roth IRA that I also need to do a back door ira next year. (Might of gone over the income limit this year but not sure from any business losses)
Your father is right about having to do it for everyone, but you could challenge him on the “can’t afford it” piece. In terms of benefits a 401(k) is fairly inexpensive month to month.