The owner of our dealership just bought a coffee shop. Do we need to notify NADART since the acquisition is not related to the automobile industry?
Yes. Although the sale or acquisition may not be closely related to your dealership’s primary line of business, it is still important to notify NADART in writing immediately according to the instructions in your Administrative Manual. The change may impact the operation of your retirement plan in many areas, including the control group status, Contribution Nondiscrimination Test and Top Heavy Test.
Related Questions
- The owner of our dealership just bought a coffee shop. Do we need to notify NADART since the acquisition is not related to the automobile industry?
- I bought a motor vehicle only to find out later that it had wheeltax arrears. Who should clear this, me or the previous owner?
- Ive just bought a new car but the previous owner didn know if the belt had been replaced. What should I do?
