Making your production company official?

moonshieldmedia

moonshieldmedia

I'm gearing up to shoot my first feature film in November, and I'm wondering if I should make my production company, Moonshield Media, an official business.

What are the advantages?
How do I go about doing it?
Should I do it as soon as possible or does it not matter?

Thanks.
 
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It all depends on your personal finances. If you make enough money from your primary employment to get butt raped by the IRS every year and file the 1040 long form with itemized deductions, you can offset some of your income with the net losses from a personal business. If you have an accountant, you should discuss it with him/her. There a number of fiscal advantages to having an LLC or Inc. under the right circumstances.
 
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I'm not exactly sure what I mean by "official business"

As of now I make zero money, but like I said, I'm about to shoot a feature film, which I'll be submitting to festivals and trying to get distribution deals. Would it come in handy to have the film be a product of my "official business" or just a film made by me?
 
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moonshieldmedia said:
Would it come in handy to have the film be a product of my "official business" or just a film made by me?
Click to expand...
Makes no difference at all.

You can put "MoonShield Media Presents" at the beginning of your movie
without having an "official business". You can get a distribution deal as an
individual.


moonshieldmedia said:
How do I go about doing it?
Click to expand...
There are ten different types of business entity. The way you go about
registering your business is pretty much the same with all ten - you register
your business name in the state you are doing business. Oversimplified, of
course. There are variations depending on the business plan - not the
business itself; restaurant, retail store, accountant, prodCo are all the same.
Check your local small business association for details.
 
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directorik said:
Makes no difference at all.
Click to expand...

Exactly. People waste way too much time on the "creating a production company" that should be spent on creating a product.

Once you have a completed product, consider an LLC. Unless dough starts rolling in, business licenses and registration crap is unnecessary.

(Of course, if you get investors that have forked over big bucks, talk to a lawyer.)
 
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Incorporating is usually too expensive for low budget indie films. Just pull insurance for your shoots in case someone gets injured or equipment gets damaged, and get releases from all talent and crew. Clear anything that's "art" or might be copyright protected including stuff that you wouldn't expect like a bed spread, a vase, a statute, a rubber alien toy, drawings, etc.
 
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