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The best I can do is direct you to some online information about the difference between corporations and limited liability companies (LLC). Will that satisfy your request for information, or are you looking for answers to more specific questions? Also, what type of production company are you starting . I will be off-line afternoon today, for most of the afternoon early evening.
Yes, an L.LC can be used. You assign membership percentages and set up an operating agreement. Use an attorney for that, especially with outside investors.
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Take your time. I will be back online later tonight if you have a follow-up question or two.