madmartian
Member
Has anyone else gone the route of filing an LLC for a film production? Can you relate some experiences? Does it really protect me if I am the sole person associated with the LLC? How much more does it cost me at tax time? Thanks.
Filing an LLC for a film production?
- Thread starter madmartian
- Start date
wabbit
Evil has Ears
Re: Filing an LLC for a film production?
Alot of standards for LLC's are set at the state level, so a lot depends on your state. As a rule it will protect you personally (if your productions injures someone they can't sue you for your house).
I have seen many people form an LLC for just one production and then disband at the end. The costs are really just the state and city filling fees (around $400 here). After that you can just draw a salary on whatever the "profit" for the company is and then pay personal income tax on that (in my state at $100,000 business you move up to an S corporation).
The accounting can get a little complicated if you aren't use to it. I would suggest an accountant (simple LLC's are relitively easy for them and you shouldn't have to pay more than $500 for them to file for you).
Hope that helps.
Alot of standards for LLC's are set at the state level, so a lot depends on your state. As a rule it will protect you personally (if your productions injures someone they can't sue you for your house).
I have seen many people form an LLC for just one production and then disband at the end. The costs are really just the state and city filling fees (around $400 here). After that you can just draw a salary on whatever the "profit" for the company is and then pay personal income tax on that (in my state at $100,000 business you move up to an S corporation).
The accounting can get a little complicated if you aren't use to it. I would suggest an accountant (simple LLC's are relitively easy for them and you shouldn't have to pay more than $500 for them to file for you).
Hope that helps.