# Regional Thtrs & Complexes - Corp. vs. LLC



## TVinNYC (Feb 7, 2010)

I'm just feeling out what is the norm - does anything know if their theatre facility is run by a corporation or LLC? There seems to be benefits to both but I'm curious what other facilities have set up. Please include how many theatres are in your complex! I'm trying to set up a venue that will house three theatres.


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## museav (Feb 7, 2010)

The forms a business may take and the implications of each vary from state to state. You need to talk to an attorney familiar with the laws in your area and maybe even a CPA that can address the tax and accounting perspective. I can tell you that even with my little company, having both was invaluable in helping me get started. You might also be able to talk to someone at the local Chamber of Commerce or a nearby Small Business Administration office.


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## SHARYNF (Feb 8, 2010)

Talking to an accountant/laywer is important

It is complicated. A LLC is not a corporation it is infact a company, and to could be looked at as a Partnership with limits in liability. The status of assets in a LLC is that they are still owned by the Members. In general the IRS does not grant a 501 c3 status (non profit charity) to a llc due to the asset status 
Generally a member of a LLC seeking 501c3 status with IRS cannot have individuals as a member.

If general, if you can have an educational purpose, a standard Corp with 501c3 status is the better way to go so that donations can be tax deductible.

Again as Brad has said, it really is important to sit down with a professional and have them understand what you want to accomplish, how you want to operate and what the various options are

Sharyn


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## TVinNYC (Feb 10, 2010)

I guess I was unclear.  I have a lawyer and an account and understand all the legalities and tax breaks for each company. I'm more interested in hearing what other people have set-up. LLC or Corp.

Thanks though!


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