Profit-sharing plan. This allows discretionary contributions and flexibility in plan design. The 2013 contribution limit is $51,000 ($56,500 for taxpayers age 50 and older).
Defined benefit plan. This plan sets a future pension benefit and then actuarially calculates the contributions needed to attain that benefit. So you may be able to contribute more to a defined benefit plan than to a profit-sharing plan. The maximum future annual benefit toward which 2013 contributions can be made is generally $205,000.
Various caveats and limits apply, so contact us for details. But act soon; there’s not much time left to set up a plan for 2013.