Wednesday, 6 February 2008
Basic Law and Finance for Media Companies
Yes indeed darling ones. I went, I saw and I marvelled at the tutor's ability to multi-task. Clearly Rebecca Knapp never sleeps.
We went through the pros and cons of setting up your own limited liability company as opposed to being a sole trader. We skated through the bugbear of most creative individuals, the dread paperwork! But, as Rebecca said, better to control it for then you control your business. It was all fundamentally about evolving a system of filing and accounting that suits the individual. The acronym was K.I.S.S. - KEEP IT SIMPLE STUPID! Rebecca showed us various Excel templates that worked for her (and she had several projects on the go, from shorts to million pound features).
There were a few participants who had set up companies and hearing their experiences was very useful. There are plenty of pitfalls for the unwary and unprepared. We talked about VAT and tax, again so often a sticking point for meejah types. Rebecca spoke about the importance of research into legislation surrounding the employment of others and also to be aware of Disability and Sex discrimination laws. The most useful aspect was hearing the experiences of others and case studies of Rebecca's own projects. In common with Adrian Mead, Rebecca is not afraid to share her ideas and give others a helping hand. The course was run in Hammersmith by Connections and cost £70. Well worth it.