Hoping to glean some knowledge regarding forming an LLC for a documentary.
Here's the back story:
Been working on a doc for almost a year now and I just got my fiscal sponsorship from the IDA. No doubt the dollars will be rolling in in no time (kidding kidding). But I AM hoping to do some serious fund raising and I want to make sure I protect myself financially.
The IDA fiscal sponsor form requires I submit a W-9 tax form with either my social security # or a Tax ID. Thus far I have merely opened a separate bank account and just keep track of finances with basic accounting software. Things seem to be getting more serious now and I'm considering starting an LLC.
1 – Has anyone with fiscal sponsorship from the IDA used their personal social security number? Did you encounter any problems submitting your taxes?
2- If I do decide to form an LLC, what are the advantages of forming an LLC for a general production company VS forming an LLC for a specific project. I hear a lot of people form the later.
Many thanks for any advise/ online resources you could point me towards.