A partnership plans to set up a retirement plan to benefit the partners and the employees.All of the following retirement plans are appropriate except
A)an H.R.10 (Keogh)plan.
B)a SEP IRA.
C)a SIMPLE plan.
D)a Solo 401(k).

Question

Quizplus · Accepted Answer

A solo 401(k) is a retirement plan designed for self-employed individuals or business owners with no employees other than their spouse. Since the question mentions that the retirement plan should benefit both the partners and employees, a solo 401(k) would not be appropriate. The other options (H.R.10 plan, SEP IRA, and SIMPLE plan) allow for contributions from both the employer and employees, making them suitable for a partnership looking to set up a retirement plan that benefits everyone involved.

A Partnership Plans to Set Up a Retirement Plan to Benefit