Sunday, June 28, 2009

Moving forward

So, it's been a little since I managed to get on here and talk about Dana. The last month has been pretty busy, however a lot of it hasn't been film-related. But, throughout all the craziness and business, I have managed to take more steps to making this film a reality.

Late in May I went out and got tax advice about how to fund this film - it all entailed me starting a company, which I was supposed to do this month but instead will wait until the second week of July to be created. First of all, I didn't even know what kind of company to create - and when I talked with the accountant (tax advice), he was telling me about companies and corporations - something I didn't know there was a difference between. Of course, I now do know, and given the budget of this film, to create a corporation would be 10% of the budget, while a company would cost only 1%. There's advantages to having a corporation, but there's so much complications involving stocks and shares and voting power that it was nearly overwhelming, and certainly not necessary for this. So as it stands, I was initially going to create a sole-proprietor company....

...however, I was advised NOT to do that because of the unlimited liability clause, which basically states I'd be responsible for the losses of the company (for example, if someone was hurt on set and sued, it'd be coming out of my already bankrupt account). So instead I'm now creating a numbered company, which is nearly the exact same premise as a sole proprietorship company, but I'm legally separate from the company - so if someone sued, the company would go bankrupt, not me (although I am anyway). The next step was finding a way to get government grants for the labor on this project - since the government of Canada and Ontario have arts grants for the labour costs of a film production, which could total up to 35% of those costs, it'd be the difference between needing to fund-raise 3,500 dollars or having it handed to me. That part I'm not extremely worried about.

The second task was finding a way to get 3rd party "investors" to give money to a project that has a near 0% chance to make a profit. Since we were going to ask companies for money, finding a way to make their donations tax deductible was essential. After a lengthy conversation with the accountant, that issue has also been resolved. Instead of 'donating' the money, we're selling them 'advertising.' All that entails is their logo in the credits or carefully put into the film, and just like that, the company can justify their donation and receive that money back on their taxes. This ensures that the money they put in is actually net neutral for them, and that increases the likelihood that we'll receive corporate donations. Finding that out was a massive relief. Of course, the money still needs to be raised....

In the meantime, I've nearly fleshed out all of the budget numbers and all of the crew. All I need to acquire now is costume/wardrobe and a sound guy. And from the sounds of it, I've got a line on a sound guy. Wardrobe may be a little more difficult. I know someone, but I'm not sure if she'd be in for this, considering I've sort of lost contact with her over the last year. We'll see.

There's still much to do, but the busier the summer gets, the more I'll want to work on this film. And of course, I'm still working on Chapter two of Sam Maxton.

-Mark

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