Richard "Younglord" Frierson, the youngest member of Sean "Puffy" Combs' production team -- known as the Hitmen -- is looking to become quite the young hip-hop entrepreneur himself.

After producing tracks for the likes of DMX, Wyclef Jean, Big Pun, Fat Joe, Faith Evans, and Black Rob, Younglord is now looking to launch his own record label from the foundation of his pre-existing production company, Young World Industries.

The first project from the offshoot will be a soundtrack for an upcoming film, the music for which will be written and produced by Younglord. Expected out in February 2000, Younglord plans to enlist the vocal talents of Busta Rhymes, Big Pun, Terror Squad, Tash of Tha Alkaholics, and newcomers Felon and Algebra for the record.

Despite the film album, Younglord plans on remaining a card-carrying member of the Hitmen, and has projects on the decks with Ice Cube, Lil' Kim, and possibly 'N Sync. Younglord also worked on several tracks for the upcoming record from the late Notorious B.I.G., "Born Again."

Younglord released his first solo album, "Younglord Presents... The Red Book Masters," earlier this year.