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Buck
01-12-2011, 12:24 PM
Does anyone here own a film company or at least work at one?

My friends and I are starting one up and we are wondering about what it takes to start a business where you expect to make no money at all and will not be paying any employees.

I read online about all the tax stuff you have to sign up for, but do you have to do that if you are not going to be making a profit at all for at least a year?

Buck
01-12-2011, 12:28 PM
Also whats the deal if you have 6 people who want to own the company? Does it have to be only one person?

I figured if we were all owners then we wouldn't really have any employees.

ClevelandBronco
01-12-2011, 12:31 PM
If you expect to make no money at all the IRS calls that a hobby, not a business.

Hog Farmer
01-12-2011, 12:32 PM
We formed an S-corp (4 owners known as shareholders) and yes you need to follow the instructions for filing everything . Go to your Secretary of State Website and start digging.

Buck
01-12-2011, 12:33 PM
If you expect to make no money at all the IRS calls that a hobby, not a business.

The Goal is to make money a couple years down the road.

We will be trying to advertise on our website, and only using that money to advertise ourselves on other websites.

CrazyPhuD
01-12-2011, 12:33 PM
Really you don't think you can make money with gay porn?

blaise
01-12-2011, 12:33 PM
So, the old guy you hang out with finally talked you guys into doing gay porn, huh?

ClevelandBronco
01-12-2011, 12:35 PM
So, the old guy you hang out with finally talked you guys into doing gay porn, huh?

Missed it by this much...

http://1.bp.blogspot.com/_fOJYYqCKBM8/TQ-9Sih-HPI/AAAAAAAACLk/J-jUxrRzN-I/s1600/maxwellsmart_missed_it_by_that_much.jpg

Buck
01-12-2011, 12:35 PM
Thanks Hog Farmer.

P.S. We just got done shooting our first video.

We are doing a web-series that will lead into a movie, so we were going to do a test scene, but instead we just wrote a short (about 1-3 min, not sure how long it will be with the final cut). I'll post the vid when its all ready.

Hog Farmer
01-12-2011, 12:36 PM
Really you don't think you can make money with gay porn?

So, the old guy you hang out with finally talked you guys into doing gay porn, huh?


Wow ! Buck you really got a reputation here! Both replies at the same time.

ClevelandBronco
01-12-2011, 12:36 PM
The Goal is to make money a couple years down the road.

We will be trying to advertise on our website, and only using that money to advertise ourselves on other websites.

Look into an LLC. It's easier to run than an S corp.

Demonpenz
01-12-2011, 12:37 PM
taking hats that no one wants and burning them is a fine business model.

|Zach|
01-12-2011, 12:37 PM
Don't worry about this part. Just create. Also...don't expect your income to come from advertising. It won't work with no base.

Short Leash Hootie
01-12-2011, 12:44 PM
If you guys are looking for "performers" let me know

Sent from my Ally using Tapatalk

Hog Farmer
01-12-2011, 12:45 PM
Look into an LLC. It's easier to run than an S corp.

FYI Buck, In an S-Corp each shareholder includes their % of ownership to the IRS on their personal tax return. For example if there are 6 equal owners in the business and your business made $100,000 that year then you would have to show 1/6 or 16.6% of that profit as income on your individual tax return. If you are not expecting any income for a year and will have business expenses as well as depreciation on any equipment you purchase you will have a deduction on your income tax.

ClevelandBronco
01-12-2011, 12:45 PM
Really you don't think you can make money with gay porn?

If you guys are looking for "performers" let me know

Sent from my Ally using Tapatalk

Who couldn't have predicted that?

Hog Farmer
01-12-2011, 12:47 PM
Who couldn't have predicted that?

:LOL:

blaise
01-12-2011, 12:47 PM
Who couldn't have predicted that?

The fact that he put performers in quotations makes it extra special.

Short Leash Hootie
01-12-2011, 12:50 PM
I was obviously kidding.

Short Leash Hootie
01-12-2011, 12:50 PM
(which is why I used quotes)

|Zach|
01-12-2011, 12:51 PM
LLC is the easiest way to go.

Inspector
01-12-2011, 12:53 PM
My brothers business:

Cinematicvisions

I think their website is Cinematicvisions.com or something like that.

They do local commercials, have a TV show that airs on direct TV, and other videography stuff.

Good luck.

Los Pollos Hermanos
01-12-2011, 01:07 PM
we are wondering about what it takes to start a business where you expect to make no money at all

Are you looking for investors? This sounds promising.

The Poz
01-12-2011, 01:08 PM
Myself and 2 biz partners are almost going through the same thing. We've been working together part-time while we maintained our full-time gig (in the same field - motion graphics) but now we're getting busy enough to go full speed ahead.
We have a meeting with an accountant next week to put us on the straight and narrow. We also will use a payroll company to issue us weekly paycheques (paychecks for you southerners). You can have it pretty low to start then issue yourself low taxed dividends throughout the year if big contracts roll in.
http://www.six01.com/

Buck
01-12-2011, 01:14 PM
Myself and 2 biz partners are almost going through the same thing. We've been working together part-time while we maintained our full-time gig (in the same field - motion graphics) but now we're getting busy enough to go full speed ahead.
We have a meeting with an accountant next week to put us on the straight and narrow. We also will use a payroll company to issue us weekly paycheques (paychecks for you southerners). You can have it pretty low to start then issue yourself low taxed dividends throughout the year if big contracts roll in.
http://www.six01.com/

Do you guys only do work for outside clients or do you ever create your own stuff?

We aren't really trying to film commercials or anything like that, although we have the equipment to do it. We are going to make movies.

|Zach|
01-12-2011, 01:16 PM
Do you guys only do work for outside clients or do you ever create your own stuff?

We aren't really trying to film commercials or anything like that, although we have the equipment to do it. We are going to make movies.

Why not just do what you do and enjoy it? The odds of this being a money making venture are low.

Buck
01-12-2011, 01:21 PM
Why not just do what you do and enjoy it? The odds of this being a money making venture are low.

We are enjoying it. The last few weeks have been the most fun in my life. Whats wrong with starting a business?

|Zach|
01-12-2011, 01:24 PM
We are enjoying it. The last few weeks have been the most fun in my life. Whats wrong with starting a business?

Nothing wrong with it. It just changes things. It can curtail a fun experience. It is *very* hard to make money at what you are thinking about doing. You have to have a shit ton of people hitting your content to even have enough money to go out for one night of drinking for six people.

The Poz
01-12-2011, 01:32 PM
Do you guys only do work for outside clients or do you ever create your own stuff?

We aren't really trying to film commercials or anything like that, although we have the equipment to do it. We are going to make movies.

Yes, right now we're only doing outside gigs. We do have a library of ideas to produce our own thing but it isn't in the cards at the moment.
I have a friend who has some inside connections with people that hand out government grants for indie films and such. Just have to propose the right idea and hope they'll bite. The friend I speak of was given $400,000 to produce her film (the highest total given in Ontario). I mentioned my idea to her and she feels that it could be a hit. Just have to package up a bible and submit it.
Right now though, it's the ad agencies with all the money that we're trying to get involved with.

WebGem
01-12-2011, 02:10 PM
I have plans to start a business or two in the next couple years but nothing like this. Good luck, Buck.

Hog Farmer
01-12-2011, 02:10 PM
Are you looking for investors? This sounds promising.

:facepalm:

Simplex3
01-12-2011, 02:18 PM
Myself and 2 biz partners are almost going through the same thing. We've been working together part-time while we maintained our full-time gig (in the same field - motion graphics) but now we're getting busy enough to go full speed ahead.
We have a meeting with an accountant next week to put us on the straight and narrow. We also will use a payroll company to issue us weekly paycheques (paychecks for you southerners). You can have it pretty low to start then issue yourself low taxed dividends throughout the year if big contracts roll in.
http://www.six01.com/

Don't do anything about paying yourself until you've talked to your accountant. For instance in KS I can pay myself half of my money as payroll and the other half (but not more than half) as profit distributions and I only have to pay the employer match for Socialist Insecurity on the payroll half. Depending on your state laws and what the new ObamaCare crap does there may be other things you can do as well.

HOWEVER, and this goes for anyone getting into a partnership:

How do you get out?
Let's say three years from now you want to cash out and put your money in Widgets, Inc instead. Can you force the other owners to buy? At how much? If you find a 3rd party buyer for your share do the current owners get the chance to veto that new owner?

How do you kick someone out who isn't doing their job/went insane/etc?
Let's say Bill takes a nasty blow to the head during a car wreck and turns into a raging alcoholic. Now what? Does he still get to keep his voting rights? Does he still get his profit distributions? What if it turns out Larry is just a lazy bastard? You'll be pissed off every time you write a check to that guy.

What if a partner dies?
Do you wind up in business with his next of kin? Does it go to his estate, and if so what happens if his share winds up in the hands of the bank that had his mortgage?

Voting percentages for dissolving, who will be the registered agent, voting percentages for expenditures, there are a ton of things that need to be discussed *before* you get as far as you probably are.

Contracts keep friends friends. Have a strong one.

bevischief
01-12-2011, 02:20 PM
http://www.legalzoom.com/

LiveSteam
01-12-2011, 02:40 PM
taking hats that no one wants and burning them is a fine business model.

you just gave away the movie

Mile High Mania
01-12-2011, 02:46 PM
Set it all up on Youtube... become the next Internet sensation.

Mr. Plow
01-12-2011, 02:47 PM
Without me reading through the thread, someone tell me how many "gay porn" or "porn" references there have been.