In addition to "Do I smell a SCAM???", I've decided to start another topic series called "Best Advice I Received While In Film School." In this topic series I will concentrate on those little pearls of wisdom I received from mentors, professors, and Industry Insiders.
And, yea, I pass on this scared wisdom onto you. The first pearl:
HIRE A LAWYER!!!!!!!
Or at least have access to one. Entertainment law is big business, and for good reason. Whether you are starting a production company, selling a script, buying distribution rights, or simply paying taxes on your residuals, you will need an attorney.
Finding an attorney is not hard if you happen to live in New York or Los Angeles. Elsewhere, maybe not so much, but it's not improbable. Trust me on this one. Last thing you'll need is someone suing you because you promised to compensate them for his/her services.