L3Cs and filmmaking?
September 16, 2010 12:11 PM Subscribe
AmericaFilter: What experiences have people had with setting up L3Cs to make films or film companies? (And for those from the UK, what experiences have people had with setting up community interest companies to make films or film companies?)
L3C. They missed an opportunity there. LLC + 501.C3 = LC3? No?
posted by StickyCarpet at 10:30 PM on September 16, 2010
posted by StickyCarpet at 10:30 PM on September 16, 2010
Response by poster: It's L3C, not LC3. :)
That said, thank you for the response. I'm asking not with an eye to start an L3C to finance a film in the foreseeable future, but rather to help out a classmate with some legal research - the question for me is literally academic at this point. Since these entities are so brand spanking new, they do not, as you aptly point out, have any case law. Westlaw turns up no relevant results in the courts, and why should it? Without much official history, I figured the hive mind might have had some experience or heard some stories.
I do still wonder what's been going on with those brave, reckless few who've started L3Cs in various states.
posted by Sticherbeast at 10:49 PM on September 16, 2010
That said, thank you for the response. I'm asking not with an eye to start an L3C to finance a film in the foreseeable future, but rather to help out a classmate with some legal research - the question for me is literally academic at this point. Since these entities are so brand spanking new, they do not, as you aptly point out, have any case law. Westlaw turns up no relevant results in the courts, and why should it? Without much official history, I figured the hive mind might have had some experience or heard some stories.
I do still wonder what's been going on with those brave, reckless few who've started L3Cs in various states.
posted by Sticherbeast at 10:49 PM on September 16, 2010
Response by poster: L3C. They missed an opportunity there. LLC + 501.C3 = LC3? No?
Ha. I couldn't agree more, really. Nonetheless, I think L3C is supposed to reflect how it's a Low-Profit Limited Liability Company - having to say out loud "LLLC" sounds too much like a ululation.
posted by Sticherbeast at 10:52 PM on September 16, 2010
Ha. I couldn't agree more, really. Nonetheless, I think L3C is supposed to reflect how it's a Low-Profit Limited Liability Company - having to say out loud "LLLC" sounds too much like a ululation.
posted by Sticherbeast at 10:52 PM on September 16, 2010
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You are asking for our experiences regarding a new business structure that is only now being ratified state by state, and has general legal vagaries, with unknown tax enforcement liabilities, and no case law to fall back on... There seems to be a diverse range of external interests and investments factored in. Sounds like until the dust settles, you'd want to start with a pre-existing relationship with the "Foundation" lined up fist.. They are obligated to disperse funds yearly to qualified recipients, (for which the LC3 may qualify).
As they say, I would like to subscribe to your newsletter, sir, as you devlope this breaking story.
This post came in just as I was running out the door a gala dance fund raiser. I looked for name tags like "Executive Producer," "President, Board of Directors." I floated the, "have you heard of the new LC3," and they were all, "no, tell me more, here's my card."
posted by StickyCarpet at 10:19 PM on September 16, 2010