Have client with 925k in 401k. The company dropped his position. He now has a choice to rollover his 401k to an IRA.

If we rollover the 925k to an IRA, can he withdraw money out of the IRA to start a business of his own or franchise without getting hit with taxes and 10% penalty (he is only 50)?

or…

can that only be done if we rollover over to another 401k, which offers loans?

any help?

Thank you
Doug