production co.
- Thread starter JES 47
- Start date
Knightly is very close, you will just have to run three more errands after the business cards though (I made these steps 2.1, 2.2 and 2.3)
1. Think of cool name
2.1 Google "the company corporation" and they will form your spanky new LLC for about $500-$750 depending on what state you live in.
2.2 Take that paperwork to the bank and open a business account.
2.3 Financing: Non-USA: Win government grant. USA: Sell your house, cash your grandma's savings, become an investment banker. (Depends on your project. Feature filmmakers mortgage the house, short filmmakers hit up their parents, and music video producers seem to prefer dealing crack.) Then deposit funds into bank account.
3. Make a movie.
If step 3 isn't successful then you need to think of a cooler name in step one and start over.
1. Think of cool name
2.1 Google "the company corporation" and they will form your spanky new LLC for about $500-$750 depending on what state you live in.
2.2 Take that paperwork to the bank and open a business account.
2.3 Financing: Non-USA: Win government grant. USA: Sell your house, cash your grandma's savings, become an investment banker. (Depends on your project. Feature filmmakers mortgage the house, short filmmakers hit up their parents, and music video producers seem to prefer dealing crack.) Then deposit funds into bank account.
3. Make a movie.
If step 3 isn't successful then you need to think of a cooler name in step one and start over.
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...filmschedulings advice is sound, but if you need to start smaller....
1. go to your local county clerk
2. tell them you want a DBA certificate DBA 'Doing Business As'
3. give them your cool name they will check to see if anyone in your state has it
4. pay about...howmuch did I pay
not more than $20I completely agree that you need to become a LLC, but if you don't have that money right away, you can get started this way. But to be a LLC 'Limited Liability Corporation' is the best piece of advice that I have yet to follow. You better believe I will be doing this, however...
...then print up your business cards...
--spinner
I would say that one of the important things is to have a business plan. Yes it might be in your head but write it down. Even if it's not in the formal business plan format, just writing it down does wonders.
The DBA for me cost $5 to register with the county and $42 to run the required 2 week listing in the paper making it publically known that I am doing business as "whatever"
But if you're making a production company, then make a film and don't sit around... get up and do it!
The DBA for me cost $5 to register with the county and $42 to run the required 2 week listing in the paper making it publically known that I am doing business as "whatever"
But if you're making a production company, then make a film and don't sit around... get up and do it!
DBA registration varies widely from state to state, and likely county to county in some states (don't know about foreign..)
This is what the Secretary of State office says in Minnesota:
"The filing fee for original assumed names and amendments is $25. The original filing is good for ten years, after which it may be renewed. Original filings and amendments that show changes in the original information must be published in a legal newspaper qualified for the county of the business' location for two successive issues after the filing is made with this Office."
There are of course benefits to being an LLC (or an LLP) and there are benefits to being a DBA as well...
For tax purposes, keep in mind.. you're able to claim a loss two out of five years you're "in business" without raising too many eyebrows at the IRS. Which means, within your first couple years with the DBA, get as many of the toys as you think you'll need, and write 'em all off, likely you'll end up paying little or no taxes that year (to compensate for the LOSS of doing business in the film biz)
Granted, you can do this EVERY year, just be sure you keep all your receipts.
If you go the LLC or LLP (or heaven forbid full blown corporation) route, HIRE AN ACCOUNTANT!
As for paperwork, I highly recommend http://www.amazon.com/exec/obidos/ASIN/0240804198/intensitymedi-20/102-0169606-6562523?%5Fencoding=UTF8&camp=1789&link%5Fcode=xm2]"The Complete Film Production Handbook - Third Edition"[/i] by Eve Light Honthaner ... it's about $35, book & CD combo, chock full of forms galore.
This is what the Secretary of State office says in Minnesota:
"The filing fee for original assumed names and amendments is $25. The original filing is good for ten years, after which it may be renewed. Original filings and amendments that show changes in the original information must be published in a legal newspaper qualified for the county of the business' location for two successive issues after the filing is made with this Office."
There are of course benefits to being an LLC (or an LLP) and there are benefits to being a DBA as well...
For tax purposes, keep in mind.. you're able to claim a loss two out of five years you're "in business" without raising too many eyebrows at the IRS. Which means, within your first couple years with the DBA, get as many of the toys as you think you'll need, and write 'em all off, likely you'll end up paying little or no taxes that year (to compensate for the LOSS of doing business in the film biz)
Granted, you can do this EVERY year, just be sure you keep all your receipts.
If you go the LLC or LLP (or heaven forbid full blown corporation) route, HIRE AN ACCOUNTANT!
As for paperwork, I highly recommend http://www.amazon.com/exec/obidos/ASIN/0240804198/intensitymedi-20/102-0169606-6562523?%5Fencoding=UTF8&camp=1789&link%5Fcode=xm2]"The Complete Film Production Handbook - Third Edition"[/i] by Eve Light Honthaner ... it's about $35, book & CD combo, chock full of forms galore.
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...the state of Michigan will give you a DBA for 3 years (I think it is 3) after which you have to renew. I was made aware of no requirement to make any 'announcement' in the newspaper, but things often vary from state to state.
...and thanks for the book recommendation, (sigh) yet another thing to buy
--spinner
...and thanks for the book recommendation, (sigh) yet another thing to buy
--spinner