# of LLCs to set up for first micro budget indie?

[Randall_Oelerich]

I plan to produce my first micro budget indie, wondering if I should set up two LLCs or if just one would suffice? I definitely want at least one main LLC to shield myself personally, but should I set up a second LLC just for the film itself to shield the main LLC from any issues with the specific film? I have listened to Taormina's podcast on the blueprint method of film production where he talks about having one main LLC then a separate LLC for each film produced, and often a third LLC set up in the state a film is made in; that strategy of course is for $1M-$5M budgeted indies. For my first micro budget feature indie, is one LLC enough for now, or should I set up a second LLC for the micro budget film?
Randall

 

[Amr Rahmy]

I plan to produce my first micro budget indie, wondering if I should set up two LLCs or if just one would suffice? I definitely want at least one main LLC to shield myself personally, but should I set up a second LLC just for the film itself to shield the main LLC from any issues with the specific film? I have listened to Taormina's podcast on the blueprint method of film production where he talks about having one main LLC then a separate LLC for each film produced, and often a third LLC set up in the state a film is made in; that strategy of course is for $1M-$5M budgeted indies. For my first micro budget feature indie, is one LLC enough for now, or should I set up a second LLC for the micro budget film?
Randall

shield from what if you can elaborate and link to the podcast?

 

[Randall_Oelerich]

shield from what if you can elaborate and link to the podcast?

I would not want my personal assets to be at risk should there be injuries or lawsuits from a film production.
Filmspecific.com is the site with Taormina's podcast, but he is also a member here on dvxuser I believe.
I am interested in pursuing the path to the '$1M blueprint' method he discusses, that is common for $1M-$5M indie productions-- no investors, no equity financing, you make your fame and fortune through salaries out of the budget. Anyhow, with the method he describes, common in lala land, you have a main LLC, then for each film you have a separate LLC so that any issues with a film do not harm any other of your film productions or your main LLC.

 

[arniepix]

If you're looking for legal advice, then you need to ask a lawyer. Taking legal advice from a podcast may be very dubious.

Also, don't expect the same solution that worked in one state or one city to apply to you if you're in a different location, the laws may vary. And your situation may not really be that much like the podcast, anyway.