The answer to your first question is no!!! That one is easy.
The second question is more complex. In answer to a similar question posed about a mutual fund which invested in collectibles, our consultants responded as follows:
“A good question and the answer is not entirely clear. Since the consequences of being wrong are significant (the investment is treated as a distribution), it would be a good idea to apply for a private letter ruling before proceeding.
“According to Regulation section 1.408-10, “The acquisition by an individually-directed account under a plan described in section 401(a) of any collectible shall be treated (for purposes of section 402 and 408) as a distribution from such account in an amount equal to the cost to such account of such collectible.
“For purposes of this section, the term acquisition includes purchase, exchange, contribution, or any method by which an individually-directed account may directly or indirectly acquire a collectible”.
“Needless to say, “indirectly” is not defined.”
I am assuming that the PP is an individually directed account. Therefore, caution would be urged in making an investment through an LLC.