California's Revised LLC Statute Could Have Profound Effects on Entertainment Industry Limited Liability Companies

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The use of limited liability companies, or LLCs, is pervasive in the entertainment industry. Writers, actors, directors and other “talent” often render their creative services through single-member “loan-out” LLCs. Providers of a wide range of film and television production-related services (such as visual and special effects, post-production services, payroll services, catering and equipment rentals) operate as LLCs.

Film and television production joint ventures commonly are entered into by holders of content rights, financiers and producers for the purpose of financing and producing one or more films or television series, and such joint ventures are often operated as LLCs. Many film distribution companies are also organized as LLCs. Major and mini-major studios typically form “one-off ” LLCs in connection with the production of specific movies and television series. Musical groups frequently organize and operate as LLCs as well.

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Topics:  Entertainment Industry, Limited Liability Companies, LLC

Published In: Art, Entertainment & Sports Updates, Business Organization Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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