The script is complete. Locations scouted and secured. Hollywood’s next “It girl" has signed on for the lead. You’ve poured every fiber of your creative being into getting your film production off the ground and you’re desperate to get on with it already. But even as a self described “creative type”, you’ve got the business acumen to know that you need to protect your work. But how do you do it? The answer is simple: you form an LLC.What is an LLC?
An LLC is a type of business entity. In a manner of speaking, an LLC is almost like its own “person.” Much as a person has a unique Social Security Number, your LLC will have its own Tax Identification Number (TIN). The LLC and its TIN are distinct from you, from any partners you have, etc. As a figurative hybrid between a corporation and a partnership, you can then use the TIN to open various bank accounts and obtain credit, again as an entity other than yourself. That’s important. But there are other equally important reasons why it’s imperative that you create an LLC for each and every film you make. Here are a few of those reasons:
At the risk of being utterly cheeky, that’s a wrap. As a filmmaker, whether seasoned or novice, you are absolutely setting yourself up for trouble if you don’t have the foresight to prevent it. Forming an LLC for each and every film you create is not only practical in matters of protection, but also savvy in protecting your future earnings and livelihood in the industry.
MyLLC.com strongly suggests you consult your legal team and tax adviser prior to making any decisions. Once you have and an LLC is right for you, contact one of our highly trained experts today to get started!Page updated on 2015-10-26
- Jennifer Reuting
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What is your first step? Simply choose which of the following two options applies to your business:ALREADY INCORPORATED in the state of Nevada? 2015/08/15 - Your annual fees increased from $325 to $650, and that’s not including the Commerce Tax if it applies to your business! Further, you will now be required to file your tax return with the NV Department of Taxation with June 30th as the fiscal year, not the calendar year! Review these changes with your tax advisor immediately! If you choose to re-domicile your corporation in another state, MyLLC will file the re-domestication paperwork for you!
MyLLC is committed to assisting you in this process but you must contact us today!Call us toll free at 888.88.MYLLC or fill out the contact form so one of our experts can help you.