“I’m a real boy!”
Form a Limited Liability Corporation. This is actually something that you have to deal with if there is actual money involved. So, I thought I should get the un-pleasantries out of the way now.
Weather or not you end up selling your film, or releasing it digitally on demand in one form or another, if the film is about to make money, that means you and all of your partners are as well. Therefore, taxes are involved. It is in the best interest of everyone involved to become a partner in a limited liability corporation. Then, let the “company” pay out it’s “employees”. You will have money at this point so get an accountant to handle the details. This part is not free, but won’t cost an arm and a leg either, around $400 dollars to set it up completely. If you do this properly no one will have Uncle Sam beating down the door later on.
When choosing the name of your company it is traditionally the name your production. EXP: My Movie, LLC. an umbrella company of your production company My Production Company LLC. You do need to figure this out now so you can use it in all your contracts. It wouldn’t hurt to check for domain name availability for the films website before making the final decision either.