My friend Kevin Brubaker from Dallas Media Productions, an independent film producer in Dallas, joins me to talk about LLC Tips (and lots of film stuff).

What does a film producer have to do with my usual content of homesteading? It fits into creating side hustles and businesses to Design Your Intentional Life.

We were having a conversation about LLCs and we decided to record it. We also talk a lot about film. How can you make money on film production in the streaming era?

We dove into these topics:

• Should you have an LLC for each project or side hustle?
• Should you wait to become profitable before forming an LLC?
• Do you have to be profitable after 3 years to be considered legit (or bear the wrath of the IRS)?
• Should I spin Grow Nut Trees into its own LLC?

To answer these questions, you have to ask yourself - why have an LLC?

Although you want to use an LLC to offset your expenses, an LLC is mainly to protect you in a hyper-suing culture that we are currently in. If I was sued (for some reason) on trees, I would lose all my businesses, including the podcast.

Tips:

• It is recommended that you have an LLC for each project or side hustle.
• You do not have to be profitable after 3 years if you are showing growth and an "intent to make a profit".
• Make sure that you create an LLC in a state where the application and charge is one-time only. (some states require yearly renewal). I have mine in KS (cost me $166). Kevin has his in TX and cost about $150. You can create the LLC and get an EIN on the state website - you don't need a lawyer or Legal Zoom.
• Find a mentor.

Disclaimer: This is not tax or financials advice. Discuss with your tax or financial planner for your situation.

Episode website: Ep. 134 - Surprising Small Business LLC Tips

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