The simplest solution is most often the most elegant one, and 401(k) rules as to how the plan gets established are very complex. You should definitely speak with a financial advisor or other retirement-plan specialist to make sure you dont run afoul of the rules.
Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.