What plan offers the most advantages to an independent business owner or sole proprietorship?
The BSI-One(k) plan is the most cost effective solution and allow business owners higher contributions than previously allowed through profit sharing plans, SEPs, and SIMPLE plans. Other advantages include participant loans and catch-up contributions. Another excellent choice is an Owner-Only Defined Benefit Plan, where a business owner is allowed much larger contributions with a higher limit to the cumulative asset allocation at retirement.
