A pair of artists endeavors on a new joint project, they want to have both a joint entity as well as work in community engagement within their studio space.  They each have existing an LLCs and need help figuring out if they should work under the current structures, get a new LLC or incorporate potentially as a non-profit.

To determine the best option for them we Assessed through Policy Analysis: Working through the tax benefits, risks, legal implications, and personal preferences. Create a tax calculator to clearly identify the tax structure that works best for them.

The next step was organizational mapping. After crunching the numbers and laying out all of the options we settled on an S Corp, with a potential future 501(c)3. We helped them create a partnership agreement which lays out revenue sharing and creates a structure for how disagreements are handled. Most importantly, we discussed roles and responsibilities, helping them to leverage each partner’s individual talents, clarifying the shared goals and target audience and eliminating redundant work.

Implementation included administrative support, setting the schedule for filing paperwork and building an operating manual. The manual includes the day-to-day operating protocols such as what project management software is used, and who is responsible for responding to potential new client emails, who handles the invoices and more, removing any questions about how the business is run so they could focus on their client’s needs over back-office paperwork. As the business took shape and became profitable, we created a business plan to assist in getting a loan to secure future studio space, and with plans to have classes for community members.

Services

ASSESSMENT Policy Analysis

Create a tax calculator to clearly identify the tax structure that works best for them.

DECISION Project Mapping

Help them create a partnership agreement which lays out revenue sharing and creates a structure for how disagreements are handled.

IMPLEMENTATION Administrative Support

Build an operating manual which lays out the day-to-day operating protocols such as what project management software is used, and who is responsible for responding to potential new client emails.