I have done a great deal of this work in the entertainment field. Get all you contracts, contacts and legal team set up. S Corp is probably the way to go.
Andrew Roberts (818) 597-0633/ (805) 496-7777
You need to sit down with a qualified business attorney, as well as an accountant to answer these questions. The answers will be specifically tailored to your needs. Avvo provides general information but not the detailed advice you need to proceed. Good luck.
Please note that I am answering this question as a service through Avvo but not as your attorney and no attorney-client relationship is established by this posting. An attorney-client relationship can only be established through signing a Fee Agreement and paying the necessary advanced fees.
I agree with my colleagues. Do consult with an Attorney to address the specifics of your situation.
Law Offices of J Thomas Smith J.D., Ph.D 11500 Northwest Freeway, Suite 280 Houston, TX 77092 713-LAWYER-2 www.MyImmigrationLawyer.info NOTE: Responses are for the education of the community at large and is not intended to be "legal advice." No attorney-client relationship is established by responses or comments.
While there may be similarities between certain entertainment companies, each will be set up in its own way based on the specific facts of each case. The structure of the company will depend on how many partners/members/shareholders there are in the company, how many employees, how many divisions of the company, if any, you want, as well as tax considerations, and the way you are raising capital for the company. There are a number of other considerations as well.
Moreover, "management" may entail a number of aspects of the entertainment business and you may structure your company differently depending on how many services you will be offering to your clients.
Because the entertainment business has its own issues that are unique to it, you should certainly consult with a business attorney who specializes in the formation of entertainment businesses, before you make any decisions regarding the structure of your particular company.
Daniel Novick and The Law Firm of Daniel Novick, PLLC assume no liability for use or interpretation of any information contained in this answer. This answer should not be an alternative to obtaining legal advice from a licensed attorney in your state based on the specific facts of your legal matter. Daniel Novick is licensed to practice law in the States of New York and Tennessee.
Your questions require an attorney/cpa to do a detailed fact finding before an answer could be rendered.
You will definitely need professional help for the best result.
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.