I'm working up a budget proposal for a short series of 30 minute shows. Will air on cable locally. Show would be produced for a client who would then negotiate airtime on the cable station. I would not directly be selling the programs to a broadcaster. I wonder if anyone would care to comment on a couple of questions I have. (I searched the forum but didn't find any similar topics).
- What kind of E & O insurance (or other insurance) is necessary? The show would be shot at various locations and I'd be shooting and editing regular features to include in the show. Small crew: shooter , producer, a production assistant, and the host. Show would have some sponsors who would be providing billboard style 0:15 spots.
- Do I need to incorporate in order to protect myself? Although I've worked in the industry for years, this would be my first series produced through my own company. I'm currently doing business as a sole proprietor.
- Any other perils & pitfalls you could point out would be appreciated. I'm trying to allow for some padding in the budget to cover unexpected expenses but unsure how you allow for contingencies and problems.
Hello Blueriver, you should consider forming your company as a Limited Liability Company (Assuming your are in the US). A LLC will provide you with the protection you need while giving you the flexibility to structure the company anyway you want it. LLCs are extremely easy to form and have limited yearly filing and corporate compliance requirements (no need for stockholder meetings, etc). Most states will require each LLC to have at least 2 members (owners), so you will have to add a partner to your company (wife, son, daughter, sibling, etc). Members do not have to have equal share or be equally involved in the company. For example, you can give your partner 1% of the company and you can structure it as a traditional LP (limited partnership), with you as the general partner and your partner as a limited partner (who will have no vote or role in the business). You do not have to form the LLC in the state you are located. In fact, most LLC in the US are registered in Delaware because of Delaware