Naming a company can be incredibly fun
The team could be comprised of employees, freelancers or business partners. Consider your finances and business plan before deciding which members you will hire. StudioBinder’s crew management software helps you to stay organized and efficient in managing your crew.
You will also need equipment. A production company can be very expensive. Production lighting, mirrorless cameras and lenses can become expensive. Here’s a video explaining the basics of equipment without breaking the bank. You will need to decide if you are going to start the company alone or with a team. This is a critical step in setting up a film business. It will be influenced by your company structure, taxes, as well as your company’s business plan. This video explains the differences between award winning corporate video production different types of companies.
Sole proprietorships do not produce a separate business entity. Your business assets and liabilities do not have to be separate from your personal assets. Personal liability can be taken for business debts or obligations. You still have questions about a sole proprietorship? You can find out more by watching the video below. Partnerships allow for two or more people who want to jointly own a business. There are two main types of partnerships: limited partnerships, LP, and limited liability partnerships, LLP.
One general partner is limited in liability and the other partners are limited in liability. While limited partnerships can be similar to limited partnerships in that they have one general partner with unlimited liability, all other partners have limited liability. Partnerships can be an option for businesses with multiple owners, professional associations (like attorneys), or groups that want to test their business idea prior to forming a formal entity. An S corporation, also known as an S corp, can be a special type or corporation that is designed to avoid double taxation. S corps allow profits and some losses to pass directly to the owners’ personal income, without being subject ever to corporate tax rates.
Just like C corps, S corp can live an independent existence. S corp can carry on business without interruption if a shareholder quits the company or sells their shares. It can be difficult to set up a production business legally. It is important to consult a lawyer or legal advisor before you start your production company. Many people rush to start a production company without setting the foundations.
Entertainment payroll, production and other expenses can quickly get complicated and not organized. A CPA can help you avoid expensive problems down the road and set up your bookkeeping as soon as possible. This will save you time when it comes to filing your taxes, applying for a loan or paying your employees.
It doesn’t matter if your production company makes independent films or commercials, an online presence is essential. A website allows you to present your work and will make it easy for clients and audiences to find you. In today’s digital world, it is important to establish a social presence. YouTube, Facebook and Instagram are all places where trailers, commercials and any other video work can be seen and found by potential Hollywood stars.