Other Services

Individual 401k Plans

An individual 401k, or Indy 401k, is exclusively for self-employed individuals with no employees other than business partners or spouses. Opening an individual 401k at Midland offers the ability to invest in alternative assets such as real estate, hedge funds, cryptocurrency, and more. These plans provide high saving potential and low complexity with set up.

5500 EZ Prep

IRS Form 5500-EZ is the designated form for plans with only one participant. One participant retirement plans can include those with business owners, business partners, or spouses. It must be filed when the total plan’s asset value is over $250,000 as of December 31 of the previous tax year.

Note Modifications 

A note extension allows a borrower to pay back a loan from a promissory note at a later date than agreed in the original note. It is a legal document that renogotiates the payment date and additional terms with the borrower and the lender to ensure that both parties are satisfied with the outcome. 

Please contact us to find out if you are eligible for a note extension.

EIN Set Up

An Employer Identification Number (EIN), is a specific nine-digit number that identifies your business for tax purposes to the Internal Revenue Service (IRS).  It is similar in function to a social security number for your business. An EIN is required in order to operate and open a bank account for your business.

State to State LLC Transfer

Deciding to relocate your LLC to another state requires ensuring that your LLC is able to function legally in the state. This exists through domesticating your LLC, dissolving the previous LLC and forming a new one, or registering to “do business” in a new state as a foreign entity.

S Corp Election

When a corporation elects to be taxed as an S corp, all profits are passed to shareholders without tax, and the shareholders then report it on their individual tax returns. There are strict rules in order to be taxed as an S corp.