My business is Simba Makawa Video Productions and is going to be a sole proprietorship company. I will own 100% of the business and subcontract employees depending on the project. However, that does put me at risk of being sued and potentially losing some of my essential business equipment. However, the way I will be protecting my assets is the get the proper insurance in order the mitigate that risk. Another step I will take in risk mitigation will be in the contracts the clients sign when they hire my services. I will be opening and primarily operating my business out of Los angles California. I have also confirmed my business name is available for use because I did a google search.
As a sole proprietor of the company here are the necessary documents I need to have:
Business plan: A business plan is a document that outlines the goals, strategies, and financial projections for your video production business. It is a useful tool for organizing your thoughts and communicating your plans to others, including potential investors or lenders.
Operating Agreement: An operating agreement is a legal document that outlines the terms and conditions of my sole proprietorship video production business. It will include details about how the business will be managed and run, as well as any agreements or arrangements with partners or investors.
Tax documents: Depending on the project I may need to register for various tax documents, such as an Employer Identification Number (EIN) or a sales tax permit. These documents are typically required in order to legally operate your business and pay taxes.
Insurance: Depending on the nature of the project, I may need to obtain various types of insurance, such as liability insurance or worker's compensation insurance. These policies will protect me and my business in the event of any accidents or injuries that occur during the course of your work.
Production contracts: As a video production business, I will need to enter into contracts with clients, talent, and other parties in order to produce your video projects. These contracts should outline the terms and conditions of your work, including any payment terms, deadlines, and any other agreements that are relevant to the project.
Registrations and Licenses:
Professional licenses: Depending on the scale of the project, I may need to obtain professional licenses or certifications in order to legally operate my business. For example, I may need to obtain a film or television production license in order to produce video projects for clients.
Insurance: I may need to obtain various types of insurance, such as liability insurance or worker's compensation insurance, in order to protect myself and my business in the event of any accidents or injuries that occur during the course of my work.
What states can I be sued in?
The only state that I can be sued in is the state of California. This is I have registered my business in the state and pay taxes here.