Given that many of you have been in the business awhile - I thought I'd try here.
I was hoping someone here might have either some experience to share or could recommend a firm or two. I just started an LLC expressly for a feature film. Liability insurance and proper payroll witholding were unavoidable.
How does the IRS handle a film as a speculative business? In other words, the film, or product of the LLC, may or may not get sold. Are the pile of expenses a valid write off even though we have zero income for the year and then fold the LLC?
Most of the feature films I've researched have production companies that are dissolved after a film is completed. So that seems standard fare. But what if it has no distributor? Can it be sold as a single piece of property in it's entirety to another party even if the LLC is log gone? Another LLC?
Lots of questions.. can anyone recommend an experienced film attorney you've used, or an accountant to help me navigate through this stuff?
Most of the folks in my neck of the woods advertise some mileage in film production, but they haven't a clue so far. Equipment Emporium has been helpful with the insurance questions so far, they seem to be reliable.
Thanks everyone so much