It does not matter what area of the entertainment industry my client is in practically all of my consultations start with evaluating whether their project or business needs to form an LLC or a Corporation (because no one would dare start a serious business or project without creating a formal entity, right?).
Evaluating these differences in business formations pertain to all endeavors, including record labels, publishers, music catalogues, tv or film productions, digital businesses, YouTube channels, or establishing a personal, product, or service brand.
I actually appreciate it when a client has at least a broad strokes idea of the differences before discussing the details of their situation.
That is why in today’s post I am going to talk a bit about the importance of forming a business entity and the differences between two of the main ones; LLC’s and Corporations.
My goal is to explain the most important points for each in less than a minute.
Below I have 3 items for you that quickly give you a rundown on the most important points.
- A Infograph that shows the difference between LLC and Corporations.
- A video on why you should form an entity.
- A table breaking down the differences between LLC and Corporations.
Infograph: Differences Between an LLC or a Corporation?
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Video on Why You Should Form an LLC or Corporation
Table on Differences Between LLC and Corporation
LLC Explained – Corporation Explained
Different Forms of Business Entities