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StoryCode Immersion #4 - Presentation 1
StoryCode Immersion #4 - Presentation 1
StoryCode Immersion #4 - Presentation 1
StoryCode Immersion #4 - Presentation 1
StoryCode Immersion #4 - Presentation 1
StoryCode Immersion #4 - Presentation 1
StoryCode Immersion #4 - Presentation 1
StoryCode Immersion #4 - Presentation 1
StoryCode Immersion #4 - Presentation 1
StoryCode Immersion #4 - Presentation 1
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StoryCode Immersion #4 - Presentation 1

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Business Structures

Business Structures

Published in: Business, Economy & Finance
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  • 1. June 5, 2012 StoryCode Immersions #4Business Process / Transmedia Business Models
  • 2. AGENDA• Business Structure Overview - 30 Minutes• Transmedia Business Models - 60 Minutes Lina Srivastava: www.linasrivastava.com Twitter: @lksriv• #storycode
  • 3. OVERVIEW• Setting up your business - in order to do any significant immersive media project you’ll likely need to incorporate• Base Business Requirements - what you’ll need to function• Fiscal sponsorships - another alternative• Equity issues - investment vs. artist direct donation• Creative Compensation - tips• Tech Partnerships - tips
  • 4. SETTING UP YOUR BUSINESS• Business structure options: • C Corporations • S Corporations • LLCs • Partnerships • Sole Proprietorships • Non-profit• Different liability/tax implications for each• Corporation.com / Legal Zoom vs. Local Lawyers
  • 5. BUSINESS REQUIREMENTS• EIN# gets you a bank account• Trusted accountant• Legal documents to support your needs (NDAs, Releases, Work For Hire, etc...) - solid drafts of these exist for free• Insurance - research what insurance you might need then decide what level of risk you are comfortable with• Legal fees - very easy to get sucked into an expensive legal outlay before you have revenue coming in the door
  • 6. FISCAL SPONSORSHIPS• Formal arrangement in which a 501(c)(3) charity sponsors a project that may lack exemption status• Alternative to starting your own non-profit allows you to seek grants and solicit tax-deductible donations under your sponsors exempt status• Fiscal sponsor charges a processing fee for all money that comes in• Most granting organization only grant to non profits or artists with fiscal sponsorship• ArtSpire, Fractured Atlas, fiscalsponsordirectory.org
  • 7. EQUITY ISSUES• Selling ownership in your business to investors is tricky and expensive• Sounds a lot easier than it actually is• Artist Direct Models like Kickstarter sidestep equity issues but you still get taxed on the contributions - 1099 income• Artist Direct Models can process through a business OR an individual
  • 8. CREATIVE COMPENSATION• Consider being transparent with your production team on budget and profits• Develop a profit sharing model to incentivize the team - easier to deal with than equity distribution• Pay a base rate then commit to a share of project profits• Implement a simple tier system
  • 9. TECH PARTNERSHIPS• Consider a joint venture with a technology company• Consider abstracting your story to see if a tech framework can be created to support more than just your story• This becomes attractive because it can scale faster than a specific single story• If the project is innovative enough your tech partner will have more skin in the game if you are true partners
  • 10. CONTACTmike@storycode.orgaina@storycode.orgwww.storycode.org @storycodeorg

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