I’m a freelance writer (check my credentials at www.martinspiration.blogspot.com) and I'm working on a new story for AARP The Magazine on the following topic: LLC OR INC.: WHICH IS THE BETTER CHOICE FOR YOUR SMALL BUSINESS? This article will explore how to best structure a small business for tax-saving and liability-shielding purposes and examine the plusses and minuses of the two most common choices: forming an LLC or incorporating. For this story, I’m looking to interview retirement-age homeowners (age 50 and up) who have made either choice (forming an LLC or incorporating) or who are considering either option; I’m also seeking to interview CPAs, tax planners, and attorneys on this topic. I can either conduct a phone or email interview (with the latter, you can type up responses to my questions below and email them to me). My deadline to complete all interviews is Wednesday, July 9 by noon central time.
QUESTIONS:1. (FOR SMALL BUSINESS OWNERS): Did you incorporate, form an LLC, or choose another option? Why? When? If not yet, when do you plan to do so? What kind of business do you run, how large, and where is it based (city/state)? 2. (FOR SMALL BUSINESS OWNERS): What are the pros and cons of your decision to incorporate, form an LLC or otherwise? How has it affected you, and do you have any regrets? 3. (FOR SMALL BUSINESS OWNERS): What advice do you have for other people in a similar situation? Did you seek professional help from an accountant or otherwise in your decision, why, and would you recommend that others do the same? What is your full name, age, and city/state of residence?4. (THE REST OF THE QUESTIONS ARE FOR CPAs, TAX PLANNERS, ATTORNEYS, ETC.): What options are currently available for middle-age to older adults who want to launch a small business and structure it for tax-saving and liability-shielding purposes (e.g., LLC, Inc., sole proprietorship, etc.)? What are the advantages and disadvantages of each option? 5. Which option is best for which type of candidate (give a hypothetical or real world scenario for each)? Can you also provide a hypothetical or real world example of what a particular business owner would pay/save in total taxes and associated fees with each option?6. What important criteria needs to be considered and due diligence needs to be done before choosing any of these options? Why?7. Are there any worthy alternatives (to forming an LLC/incorporating, etc.) that you recommend considering? What? Why? How can this decision come back to haunt the person who makes it in any way?8. Are there any major changes in the law or in the tax code that will be coming up next year or in coming years that should make candidates think long and hard about any particular option here? For that matter, how likely is it that, if they choose one of these options, they might be positively or negatively affected in the future by tax law changes?9. Which option (e.g., inc., LLC, etc.) do you personally believe is the best one for readers of this article or the one that you most commonly recommend to clients/friends?10. Do you have any statistics/research findings that indicate how common small business owners choose to form an LLC vs. Inc. vs. other options? Any other data you can share that helps illustrate this topic? 11. Any other thoughts, comments, or tips you wanted to offer on this topic?12. What is your full name, title/company, and city/state location?
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