LLC or Partnership for small documentary

V

Vineenter

Hi there!
I'm producing a documentary feature with my partner. We're located in California. This is a NO budget, just getting interviews kind of deal, but we have interested distributors (at least for a DVD release). It is for profit.
Since there's basically only little private funding, but we want to start shooting ASAP, we would like to avoid forming an LLC if possible. It's $800 in tax fees...
Does anyone know if it is sensible to form a partnership and get commercial liablility insurance instead?
Is it too big of a risk?
Thankful for any advice :)
 
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You offer too little info to make educated, experienced
advice. since an LLC and a General Partnership are two
very different things it's impossible (for me anyway) to
know what would be best for you in your situation. It
might be that just a written agreement between you
and the partner is enough. It might be that the distributor
will require certain legal documents that you haven't
mentioned or even know about yet.

Are you asking about liability insurance for the shoot?
Or for the partnership/company? Or for the project itself?
Like E&O insurance?
 
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Thank you for your post.
I am concerned about possible law suits and personal liability. I would like to protect us from that. I understand an LLC is the way to go, it's just that the project has so little funding, that it wouldn't really justify an LLC. I was asking for liability insurance for a possible partnership. In case of a partnership, would I need a business license and so on. I'm worried about having to pay a huge amount of taxes in case of a partnership or being slammed with fines in case of the lack of a business license or LLC. I'm just wondering how others have done this when shooting a no budget documentary for profit.
 
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Chances are you are going to have to get liability insurance anyway
and it will cover whoever the named insured is whether it's you or the LLC.
If you'd like to talk about it I am more than happy to answer any questions.
Best of luck on your film.

Alan Schlaifer
John Wm. Hart III Insurance Agency, Inc.
1800 Century Park East, #600
Los Angeles, CA 90067
Tel: 310-789-5865
Cell: 310-498-0866
Fax: 800-858-6693
alan@johnhartinsurance.com
AIM: aljhins
www.johnhartinsurance.com
License #0G13498
 
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I was wondering the exact same thing, if I created an LLC could I use that as far as liability with locations and insurance for equipment or is there another/easier process I could do?
 
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Thanks Schlaif and Directorik :)
I actually found a production company that already is an inc and is now taking over.
They are making me get liability insurance for the shoot (just like Schlaif said).
Dax:
From what I learned, even if you have an LLC, it won't protect you all the way, because people can still sue you as the producer personally... Yikes...
So, wether one has an LLC or takes the easier road of producing as a freelance producer (sole proprietor) or within a partnership, the liability insurance is the best security one can get.
At least that's what I gathered.
BTW:
You must always insure your equipment for every shoot, no matter what.
Thanks everyone and good luck :)
 
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