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Independent Film Finance Alliance (IFFA)

Active Investor

An "Active Investor" is a person or company who provides monetary resources to a film, television, or music project and does not take an active role in the project. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Attachment

An "Attachment" is a well known or A-list director, actor, actress or other celebrity who has committed to work on a film or television project. The celebrity must have signed-on to the project before being considered "attached." Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

Business Entity

A "Business Entity" is an LLC, Corporation, or Limited Partnership filed at the state level. If all of the operating materials, minutes, resolutions, and binder are prepared specifically for the appropriate industry, then a Business Entity offers its owners liability protection and tax incentives. 

A DBA, Fictitious Business Name, Partnership, or Joint Venture, is NOT a Business Entity.

Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Board of Directors

Every Corporation must have a "Board of Directors." In most states only one Director is needed, who can be the same person as the President.

Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

Corporation

A "Corporation" or "Incorporation" is a corporate filing at the state level. If all of the operating materials, minutes, resolutions, and binder are prepared specifically for the appropriate industry, then a Corporation offers its owners liability protection and tax incentives. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

C-Corporation

A "C-Corporation" is a tax status filing with the Internal Revenue Service (IRS). The C-Corporation tax status creates tax at both the corporate level and the personal level. See S-Corporation. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

DBA

A "DBA" is the filing of a business name, generally at the county level. A DBA is NOT a Business Entity and does not provide any liability protection or tax incentives. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

Entertainment Industry

The "Entertainment Industry" refers to the Film and Television Industry, Internet and E-Commerce Business, Music Business, and Software and Video Game Industry.

Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Exemption Filing

An "Exemption Filing" is a filing with the Securities And Exchange Commission and/or by State Securities Administrators for the operation of an Exempt Offering. 

A licensed entertainment securities lawyer is required to set up a securities offering.

Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Exempt Offering

An "Exempt Offering" or "Exempt Offering of Securities" is a Securities Offering that is considered to be exempt from Registration by the Securities And Exchange Commission and/or by State Securities Administrators. 

A licensed entertainment securities lawyer is required to set up a securities offering.

Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

Fictitious Business Name

A "Fictitious Business Name" is the filing of a business name, generally at the county level. A Fictitious Business Name is NOT a Business Entity and does not provide any liability protection or tax incentives. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

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Independent Film Finance Alliance (IFFA)

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Independent Film Finance Alliance (IFFA)

Investor

An "Investor" is a person or company who provides monetary resources to a film, television, or music project. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Investment Contracts

An "Investment Contract" is a any sale of investment interests. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

IPO

An "IPO" involves working with the SEC and State Securities Administrators to register a Securities Offering for sale to the general public. An IPO is also often referred to as a Registered Offering or Initial Public Offering. Full definition.

A licensed entertainment securities lawyer is required to set up a securities offering.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Initial Public Offering

An "Initial Public Offering" involves working with the SEC and State Securities Administrators to register a Securities Offering for sale to the general public. An Initial Public Offering is also often referred to as an IPO or Registered Offering. Full definition.

A licensed entertainment securities lawyer is required to set up a securities offering.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Incorporation

An "Incorporation" or "Corporation" is a Corporate filing at the state level. If all of the operating materials, minutes, resolutions, and binder are prepared specifically for the appropriate industry, then a Corporation offers its owners liability protection and tax incentives. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

Joint Venture

A "Joint Venture" is a default form of business, much like a Partnership, which is assumed by state law when no Corporation, LLC, or Limited Partnership is filed at the state level. A Joint Venture does not offer its owners liability protection or tax incentives, and it creates Joint and Several Liability meaning that every member and every investor will be liable for 100% of any costs, losses, or debts. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Joint And Several Liability

"Joint and Several Liability" occurs when every member and every investor in a particular business is liable for 100% of all costs, losses, and debts. Such liability is not limited to the amount of money invested, and every member and investor will be liable for every other member or investor's costs, losses, and debts. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

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Independent Film Finance Alliance (IFFA)

Limited Offering

A "Limited Offering" or "Limited Offering of Securities" is an Exempt Offering of securities, often conducted for Passive Investors for film, television and music projects. 

A licensed entertainment securities lawyer is required to set up a securities offering.

Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

LLC

An "LLC" or "Limited Liability Company" is a Business Entity filed at the state level. If all of the operating materials, minutes, resolutions, and binder are prepared specifically for the appropriate industry, then an LLC offers its Managers and Members liability protection and tax incentives. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Limited Liability Company

A "Limited Liability Company" or "LLC" is a Business Entity filed at the state level. If all of the operating materials, minutes, resolutions, and binder are prepared specifically for the appropriate industry, then an LLC offers its Managers and Members liability protection and tax incentives. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Limited Partnership

A "Limited Partnership" is a type of Business Entity filed at the state level. Many consider the Limited Partnership to be out-dated since it does not provides liability protection to its owners. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

Mission Statement

A "Mission Statement" is a statement by an entertainment production company about the objectives and strategies of the company. Full Definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

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Independent Film Finance Alliance (IFFA)

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Independent Film Finance Alliance (IFFA)

Passive Investor

A "Passive Investor" is a person or company who provides monetary resources to a film, television, or music project and does not take an active role in the project. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

PPM

"PPM" stands for Private Placement Memorandum. A PPM is part of the documentation needed to conduct a Limited Offering of securities. Full definition.

A licensed entertainment securities lawyer is required to set up a securities offering.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Private Placement Memorandum

A "Private Placement Memorandum" is part of the documentation needed to conduct a Limited Offering of securities. Full definition.

A licensed entertainment securities lawyer is required to set up a securities offering.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Partnership

A "Partnership" is a default form of business, which is assumed by state law when no Corporation, LLC, or Limited Partnership is filed at the state level. A Partnership does not offer its owners liability protection or tax incentives, and it creates Joint and Several Liability meaning that every partner and every investor will be liable for 100% of any costs, losses, or debts. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

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Independent Film Finance Alliance (IFFA)

Registration

The "Registration" of securities involves working with the SEC and State Securities Administrators to register a Securities Offering for sale to the general public. A Registered Offering is also often referred to as an IPO or Initial Public Offering. Full definition.

A licensed entertainment securities lawyer is required to set up a securities offering.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Registered Offering

A "Registered Offering" involves working with the SEC and State Securities Administrators to register a Securities Offering for sale to the general public. A Registered Offering is also often referred to as an IPO or Initial Public Offering. 

A licensed entertainment securities lawyer is required to set up a securities offering.

Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Registered Agent

Every Corporation and Limited Liability Company (LLC) must have a "Registered Agent." The Registered Agent must be a natural person (not another company), and the Registered Agent's address must be a physical address, not a P.O. box or mailing service. 

Full definition. 

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

S-Corporation

A "S-Corporation" is a tax status filing with the Internal Revenue Service (IRS). The S-Corporation tax status creates a single level of taxation at the personal level. See C-Corporation. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Securities Offering

A "Securities Offering" is any offer of sale of Investment Contracts to people who are principally seeking a return on profits from the investment. Full definition.

A licensed entertainment securities lawyer is required to set up a securities offering.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

Securities And Exchange Commission

The "Securities And Exchange Commission" or "SEC" is the US federal agency responsible for regulating the sale of "Investment Contracts." Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

State Securities Administrators

The "State Securities Administrators" are the US state agencies responsible for regulating the sale of Investment Contracts. Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

Tax Status Filing

A "Tax Status Filing" is a tax filing with the IRS prepared at the time a Business Entity is formed. Certain Business Entities can choose from up to 4 different tax classifications. 

Independent Film Finance Alliance Entertainment Incorporation and Entertainment LLC Formation Packages tell Members how to choose the best Tax Status for their businesses.

Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

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Independent Film Finance Alliance (IFFA)

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Independent Film Finance Alliance (IFFA)

WGA Registration

"WGA Registration" is the registration of a screenplay, teleplay, treatment or other literary work with the Writers Guild of America.

Full definition.

- Courtesy Independent Film Finance Alliance (IFFA) Staff

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Independent Film Finance Alliance (IFFA)

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Independent Film Finance Alliance (IFFA)

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Independent Film Finance Alliance (IFFA)