Small Business and Self-Employed Business Owners Help Center

A 10 Step Guide to Successful Small Business Management

Print out the Step-by-step Checklist

Make your business run better and more profitably

Table of Contents

Ten Building Blocks
to Success:
 1. Starting a Business
 2. Financing a business
 3. Company Name
 4. Office Equipment
 5. Hiring
 6. Business Insurance
 7. Advertising
 8. Efficiency
 9. Pension Plans
 10. Succession Plans

 Checklist for Success

 More Useful Advice:

▪ Life Insurance

▪Disability Insurance

▪Medical Insurance

▪Long Term Care

▪Travel Insurance

▪Dental Insurance

▪Auto Insurance

        Resources

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Simplified Employee Pension (SEP/IRA) Plan

    A SEP is similar to a profit sharing plan. The employer "declares" a percentage of payroll that will be a pension contribution. The employer pays 100% of the contribution. The employer pays nothing. The rules are as follows:

    The Maximum contribution is:        25% of Salary (20% for the employer) up to $46,000
                                                         Maximum salary limit is $230,000

    Vesting:                                         Immediate 100% vesting.

    Eligibility. Employer may exclude:    (1) Anyone under age 21.
                                                          (2) Anyone who has NOT worked 3 of the past 5 years.
                                                          (3) Anyone who earns less than $450.
                                                          (4) Nonresident aliens.
                                                          (5) Collective bargaining employees.

    When to use a SEP PLAN:            (1) When the employer wants to maximize pension contribution.
                                                          (2) When employee's portion of contribution is low.
                                                          (3) When employer wants to reward employees.

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