individual 401k vs SEP

Hello StartupNation, I am starting a new business for IT contracting. What i am trying to figure out is what type of retirement plan should i get? right now i am thinking of starting an individual 401K plan with scottrade.com.. anyone done this before and have any ideas for me? i will share with you guys how it works out for me once i do it. Thanks!
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Ed Baloga, CPA / MBA Principal CFO Baloga Associates www.twitter.com/edbaloga