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Making this a Business... Critiques and Suggestions for Plan

Discussion in 'Studio Lounge' started by elmg, Dec 3, 2006.

  1. elmg

    elmg Guest

    I've spent the last few weeks reading the forums msgs and McPherson's "Musicians Guide to the Music Business". I am partnering with an artist/producer to network himself as well as a few artists he is associated with. I've been slowly developing a plan on the process of transitions this hobby into a business and just request critique/suggestions for fellow board members.

    Phase I
    *Copyright all Individual Recordings and Full Length Projects
    *Register Works with PRO
    *Change Name of Current Co. to Serve as Publisher
    *Develop Website for artists
    *Filter music through myspace, itunes, and other related sites
    *Release full-length works via CD sales, alt media

    Questions
    1. Is there a need to incorporate my partners songwriting efforts or is it simpler to do writing contributions via DBA as a writer?
    2. Can a parent company oversee a subcompany that functions as record label/distributor and a publisher or would one benefit from having them legally separated?

    Phase II
    *Find Lawyer / Accountant
    *Complete Full Studio Set Up
    *Shop songs/beats various outlets
    *Signing artists to publishing/demo deals

    Questions
    1. I know how to function Quickbooks fairly well, I feel like I could make it at least a year handlding the books myself and then have an overview prior tax season. Does anyone else handle their own books?
    2. When one handles their own publishing, and signs other writers/artists what methods do you take to recoup artists for their work? Monthly, quarterly, or simply payments rendered after all costs are recouped?
    3. How does one understand what is a fair rate when just starting and usings moderate equipment?

    I understand all of this will take time to go from one step to the next and one phase to the next; I am moreso looking for critques in regards to being on the right track. I appreciate everyone's feed back.
     
  2. TVPostSound

    TVPostSound Guest

    What business are you starting??? Youre not clear.

    If you are making music, then hire a business manager/lawyer, and make music.
     
  3. DIGIT

    DIGIT Guest

    Yes, it's not clear what your business is!

    If you want to make money you ONLY need to sell music, not produce it. In fact, it's a common mistake people make when thinking labels. A label nowadays is anything and anyone who passes music around.

    For example: you put together a compilation of Led Zeppelin music. You pay for the entire project (compiling, artwork, pressing, etc...). You give the publisher(s) the share they demanded you keep the rest.

    You are now a label.

    But, whatever the business is you hire a LAWYER and ACCOUNTANT first, always.

    The way the business is set up is very important. You should consult with the accountant & lawyer as to how your business will work, where the revenue comes from, what payouts you have to make, insurance, liabilities, etc...
     

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