So yesterday we had the Virtual Seminar with Film Financing Section 181 expert Corky Kessler. Allow me to say it’s one of the most information-packed Virtual Seminars I’ve ever hosted with another expert.
Here’s some of the questions that came in (and were answered) during the call:
• What are the odds Section 181 will get renewed?
• What IRS forms need to be filed and when?
• If grandfathered in, how long do you have to complete your film?
• Is there any difference in this discussion between docs and narrative films?
• We funded a PPM for a slate of films and have only started production on one film. Will my investors not benefit from 181 after sunset?
• I have heard that it is recommended to form an LLC in a place like Delaware although you are shooting in LA, is that wise and legal if so, is that cost affective?
• For my ultra low budget film, let’s say $20,000 budget, I already formed the LLC earlier this year, have my script, my budget and my principal photography… what are the other legal docs that need to be filed? What’s missing? Just the operating agreement?
• Do you see any way to match filmmakers who are grandfathered with investors looking for places to put their funds should 181 sunset?
All in all it was a very thorough explanation of Section 181 and how your investors can potentially benefit from it.
Let’s keep fingers crossed it stays in effect for 2010!
If you want to listen to the replay of the Seminar with Corky, you can do so here (you have to be a Film Specific member to access it):
I’d love to hear from some of you who have successfully used Section 181 in financing your films…. or any of you who plan to use it, what are your plans?