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 (homesteading, side hustles, etc.)?
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?
Answering my questions on LLCs
- 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)?
Listen on your fave Podcast app:
Thriving The Future Podcast on iTunes/Apple Podcast
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Should I spin Grow Nut Trees into its own LLC?
As for me, I have the podcast, the Flippa side hustles, some other Permaculture side hustles, and Grow Nut Trees – all under one LLC. Grow Nut Trees is the only one that is profitable. 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 pissing off someone 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.
- I like Jack Spirko’s advice – use the perfectly legal tax code to cover your expenses and then pay taxes on the rest of your income. Unlike a job, where you pay taxes on your income before expenses.
Disclaimer: This is not tax or financial advice. Discuss with your tax or financial planner for your situation.
Check out Dallas Media Productions, and their upcoming film The Caregivers.
If you like this content and the podcast, here is how you can support the podcast and my Thriving empire of side hustles:
- Shoot me a tip on Venmo or CashApp @ThrivingtheFuture.
- Go to the Stuff page on Thriving the Future site and buy something.
- OR – click on one of the Amazon links on the Stuff page and then buy your other stuff that you want. Anything you buy on Amazon for 24 hours will give Thriving the Future a credit (a Piece of the Action).
Shameless plug – I have hazelnut and elderberry available at Grow Nut Trees.
I grow chestnuts, hazelnuts, elderberry, mulberry, and comfrey that are adapted to the Midwest. They will do better on your place if you live in the Midwest.
GrowNutTrees.com
And I am expanding it to black lace elderberry for the Fall and next year.
Black lace elderberry has really nice darker, lacy leaves and pink flowers.
Gear that I use and recommend: Meadow Creature Broadfork 14. I have used this to turn over sod for new Milpa garden beds, and even hand dug swales with it. Bulletproof.
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