Running a Studio Space, Making an LLC
Last night Christine Wang and I talked about the pros and cons of running a studio space with friends, building it out, and making an LLC. We started the LLC a year and a half ago because we collect rent from 30 friends to pay rent on the 8000 sq ft studio and there are too many people involved to keep all the cash in one person’s bank account. When we decided to spend an entire summer building the space out, we thought we wouldn’t have to pay rent. Soon enough, we realized that we’d only get a slightly discounted space for our labor. The business/studio space is a way for us to bring our peers to one place and stop moving every year. I think there’s only one thing that keeps the space running: community. This studio space is full of rigorous artists who are also kind human beings. It helped me understand how much more gets done when friends pool resources and work together on a common project.
For the real deal about being an LLC, look at: www.dos.state.ny.us
(It costs about $700 with the filing fee at $75, the certificate of publication at $60, the articles of organization at $235 and publishing in 2 local newspapers at $360. You also have to make an operating agreement (how much stock each person owns). Trade School student John suggested incorporating in Delaware- he says it’s easy and cheap.
About OurGoods
OurGoods is a community of artists, designers, and cultural producers who want to barter skills, spaces, and objects.
OurGoods helps independent projects get done.
