(Money Manager) - Independent 401(k) plans, which are sometimes referred to as a solo 401(k), are designed for one individual who is operating a sole proprietorship. These plans can also be used when a person is operating a small business with their immediate family member or their spouse. They are allowable under these circumstances in the case of a partnership, limited liability partnership (LLPs), corporations, S-corporations, and limited liability companies (LLCs), in addition to sole proprietorships. These plans can work if a person works as a contractor, consultant, independent real estate broker, or an entrepreneur, just to name a few possibilities.

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