This team could include freelancers, employees or business partners. You can refer to your financial statements and business plan to decide which employees you will use. StudioBinder’s Film Crew List Management Software will allow you to keep track of your crew and make it easy for you to manage them efficiently.
Apart from a team, equipment is essential. Production companies are often limited by budgets. Production lighting kits and mirrorless cameras can be costly. Here is a video that explains the most important equipment requirements that won’t break the bank. The next step is to decide whether you will start the business by yourself or with others. This is an essential step in creating a film company. It depends on your company structure and taxes as well as the business plan. Below is a video that outlines the types startup video production of companies available to you.
Sole proprietorships do not produce a separate business entity. This means that the business assets, liabilities, and personal liabilities of your business are not independent from your personal assets. For the obligations and debts of the business, you can be held personally responsible. Do you want to know more about sole proprietorships? Watch the video to learn more about a sole proprietorship.
Partnerships are the easiest way for two or three people to have a business together. There are two kinds of partnerships you will find: Limited Partnerships (LP) or Limited Liability Partnerships (LLP).
Limited partnerships only have one general partner, who has unlimited liability. All other partners have limited liability. Limited partnership are similar to limited partnerships but have limited liability to all owners. Partnerships are good for businesses with multiple owners and professional groups (such attorneys), as well as groups who want to try out their business idea before setting up a formal business. An S corp is an specialized type of corporation. It’s designed to avoid double taxes that regular C corps have. S corps allow profits as well as losses to be transferred directly to the owners, without having to pay corporate tax rates.
A S corps has an independent life just like C corps. Scorps are able to continue operating without being interrupted if a shareholder leaves the company, or sells his shares. Legally creating a production corporation can be challenging. Consultation with a lawyer or legal advisor will ensure you take the right steps to start your company. Many people jump to start a production firm without having laid the foundations.
Entertainment payroll, production, and other expenses can become very complicated and difficult to organize quickly. You can avoid costly mistakes in the future by consulting a CPA right away and setting up your bookkeeping quickly. This is a great way to save time and money when you need to file taxes, get a loan, or pay your staff.
Online presence is crucial for any production company, whether they produce independent films or commercial work. A website will help you showcase your work, and make it easier for clients or other audiences to find what you are doing. It’s a smart idea to also have a social-media presence. YouTube, Facebook, Instagram, and Facebook all offer places where trailers and commercials can live and can be found by potential Hollywood clients.