Indie Producer’s Playbook – Let’s keep the conversation going!
Thank you for attending this week’s Master Series: Indie Producer’s Playbook: How to Set Up a Successful Production. I was honored to be joined by so many of you!
60 minutes goes by quickly, so let’s keep the conversation going. Drop your unanswered questions below in the comments!
And catch the replay if you missed it, a recording of the webinar will be available soon.
Comments
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Hi John,
I am an independent film producer (American, now living in the UK) and I need to be a quick study on how to start setting up a production office. I am new to EP, and just purchased my first Movie Magic Scheduling and Movie Magic Budgeting, and now I need to learn production forms and reporting.
Can you recommend resources here on EP.com, any books on the subject, and anyone who might consider mentoring me long-distance?
Thank you for your time.
Cheers from the UK,
Leigh Ariana Trifari
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Thanks for everyone's time today, I really appreciated the overview discussed and found the insights really helpful! I look forward to learning more on particulars on setting up a tax effective SPE in New York, and securities laws around equity investing for films.
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Great webinar John!
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Hi Leigh. We have shared your information and questions with our colleagues at FLB in the UK who will be very helpful to you as you begin to set up a production in the UK. And we've noted that you will be marrying U.S. and U.K. investors for the project which they will be able to address as well. Please feel free to come back to me if you have any further questions.
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Hi Jay.
The typical structure for a NY-based production is for an LLC to be set up to hold the rights and do the fundraising and then enter into a Production Service Agreement with a C Corp (that the LLC can own and/or control). The C Corp would apply for the NY Film Tax Credit and handle the physical production for the LLC (working under a One Picture License granted to it by the LLC). The C Corp would then make and deliver the film back up to the LLC once completed so it can be sold for distribution. The C Corp would be the applicant for the NY Tax Credit and would receive the tax credit refund directly from the state which it would then send return to the LLC as an overpayment on production costs (thereby reducing the final cost of the film).
The general rule of thumb is that when raising money from one or two equity investors ("Friends and Family" raise) securities documents can usually be overlooked. But raising equity from 3 or more individuals equates to selling securities and requires a proper Offering Memorandum (also known as a Private Placement Memorandum), Operating Agreement, and Subscription Agreements. The Subscription Agreements, once signed by investors, get sent to your attorney with their investment money who holds it in escrow until the Minimum Required Financing is raised, after which the attorney will file the Securities Documents with the SEC.
Happy to discuss further with you.
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