What is the name of your state? Ohio.
Hey folks.
Okay, a group of friends and I are working on our first independent film.
Here's my basic question: Just how formal and business-oriented shoudl we be in this venture? I've considered the issue of whether we should remain just a bunch of individuals doing this, or whether we should form a subchapter S corporation or LLC. Forming a company would obviously simplify issues of getting insurance, signing the proper waivers with the locations we're gonna shoot at, designating the copyright on the film, and so forth.
However, I'm also concerned that if we become an actual business, rather than just a bunch of friends, then it's going to become alot more difficult for people to volunteer to be in the film and serve on the crew, as is the plan now. Once we're an actual company, will the government say "no volunteers, pay these people" and also require us to carry workers' comp. on everyone? Or is it possible to be an organized company but still do the film with all volunteers who aren't getting paid?
Also, is it possible for people to contribute money to the making of the film without being investors of the company? An arrangement along the lines of "we don't expect to make money from this film, but if we do, we pay you back first, and then you get 15% of anything else we make?"
Any advice on how formal or informal we should keep this, or what the best legal and business arrangements are, would be most appreciated.
Thanks!
=Tom=
Hey folks.
Okay, a group of friends and I are working on our first independent film.
Here's my basic question: Just how formal and business-oriented shoudl we be in this venture? I've considered the issue of whether we should remain just a bunch of individuals doing this, or whether we should form a subchapter S corporation or LLC. Forming a company would obviously simplify issues of getting insurance, signing the proper waivers with the locations we're gonna shoot at, designating the copyright on the film, and so forth.
However, I'm also concerned that if we become an actual business, rather than just a bunch of friends, then it's going to become alot more difficult for people to volunteer to be in the film and serve on the crew, as is the plan now. Once we're an actual company, will the government say "no volunteers, pay these people" and also require us to carry workers' comp. on everyone? Or is it possible to be an organized company but still do the film with all volunteers who aren't getting paid?
Also, is it possible for people to contribute money to the making of the film without being investors of the company? An arrangement along the lines of "we don't expect to make money from this film, but if we do, we pay you back first, and then you get 15% of anything else we make?"
Any advice on how formal or informal we should keep this, or what the best legal and business arrangements are, would be most appreciated.
Thanks!
=Tom=