Form a new LLC or use an existing one?

[Omar N]

Hello friends,

Back again with another distribution question. I need to cover my documentary film with an LLC prior to distribution, but does anyone know if it possible to use an LLC that I already have setup? Or does an LLC for a film need to be exclusively built around the film? The LLC that I currently have setup is just a general LLC that I use for occasional business transaction.

Lots of info on the web about LLC’s, but I can’t seem to find an answer for this specific question.

Seeking the help of those with more experience than me. Thank you in advance!

 

[scorsesefan]

Good question. I have an S corp that I use from film to film...

 

[Drew Ott]

It depends on what kind of risks you want to take on. If you start a new LLC, that's a new legal entity. If your film breaks some laws or you get sued, they can only take money from that film. If you use your old LLC, they can take money from anything that that LLC owns.