September 11, 2018 at 6:01PM
Producing an Indie Webseries - Should I make an LLC?
I am producing an independent digital series that will be crowdfunding via Seed&Spark. By tax law, the funds raised have to be documented as "income" for the entity receiving the funds - as this would possibly put me in a different tax bracket, one that I can't really afford to be a part of, is it better to create an LLC for the project to funnel the funds into, so I am not liable for them personally? As it's a rather run and gun production with a mirco-budget, I am afraid establishing a company may limit our flexibility in the long run because things would have to be more "by the book"? I don't know enough about tax law or the legal ramifications of creating an LLC, and production certainly cannot afford a lawyer. Any thoughts?