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Re: Gathering opinions: deciding between LLC and Not-for-Profit

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David Roth WeissRe: Gathering opinions: deciding between LLC and Not-for-Profit
by on Sep 27, 2009 at 5:47:03 pm

Diana,

The paperwork required to operate a standalone 501c3 will kill you. Plus, with the economy in the condition it's in now, non-profits all over are crumbling, because cash is in short supply and people aren't donating, as most need additional income rather than write-offs. That pretty much negates any benefit for establishing a non-profit entity right there, doesn't it?

If not, and you are intent upon operating under a non-profit banner, you would do better to find a sponsoring 501c3 entity, and setting up some other form of business entity for yourself. The International Documentary Association (IDA) has an on-going program for member filmmakers who wish to apply that allows them to function under the IDAs' 501c3. This program allows filmmakers to derive the benefits of a non-profit, but without all the hassle. Of course, there is a fee charged, which is a percentage of all funds donated to the project, and there is still a fair amount of documentation required, and also quarterly accounting, but it's just a fraction of what is required when compared to establishing a standalone 501c3.

David Roth Weiss
Director/Editor
David Weiss Productions, Inc.
Los Angeles

POST-PRODUCTION WITHOUT THE USUAL INSANITY ™


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