do i need to set up a company?

K

kiyong

Well-known member
should i set up a separate company as my business entity in order to make my short film? or is that unnecessary? i know a company such as an llc might offer some legal protection, but i would get production insurance regardless. also, i'm not sure if there are some tax benefits of a company, enough to warrant the costs of setting up the llc or whatever corporate structure. any advice would help. thanks.
 
It will largly depend on the budget of the film.
Anything under, hmm, say ~$25,000 might be a lot of unnecessary effort.
Above that, it might be a good idea, sure, ESPECIALLY if you anticipate to EARN money from the project.
 
from a tax standpoint, you can still claim all your typical writeoffs without forming a corp. however, if you plan to hire people or even have people work for you for free, it may be a good idea. if anyone were to get hurt and your biz is just a dba or home biz, they can come after your personal assets. ouch.

i haven't done it but i hear it's pretty easy to set up a simple corp. just call a biz lawyer.
 
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