tep,

I admire your spirit, if nothing else.

Here's a few odds and ends to get yourself started. It's a fairly daunting list, but you can do it, if you set your mind to it.

The things you MUST be VERY knowledgeable about;
General Business Law
Copyright-BMI, ASCAP (among others)
Intellectual Property Rights
Contract Law
e-Commerce
Marketing
Advertising

Things that you SHOULD be very knowledgeable about;
Commercial Insurance
Corporate Structure
SQL/Oracle
PHP/Apache
Streaming Audio/Video

Things that you MUST be strong at;
Finances
Organization
Networking
Contract Negotiation

Things that you SHOULD be good at;
Business Communication
Delivering Bad News
Cold Call Sales

But the number one, biggest trait that you MUST have... Honesty.

Without honesty, you cannot have integrity...

Without integrity, you have no chance.

Oh... and about $2 million in seed money wouldn't hurt either.

And sincerity. The key to this business is sincerity. Once you can fake that, you've got it made.

I'll be here all week. Try the veal, it's great!

Seriously, Max's list is excellent. I mean that sincerely. I don't have it made.

Very nice list indeed!
A friend / fellow musician / local promoter recently started an independent label here in town, launches next week.

His ear for talent and people skills are impeccable, and I know he's working on the business side as well (about to graduate business school).
I'll forward the list to him, as I'm sure he could benefit from the web/contractual elements.

Fortunately my role is recording great local talent w/ the promise of compensation. Nothing but time invested...

A few years back I won a contest for best original pop music in western Canada. To make a long story short. I was invited to attend a music conference/ Music West in Vancouver and while there, I was approached by so many people that claimed be be doing what you are attempting. It felt like car salesman trying to get in with me. This is one reason why I started recording.org. To help musicians and more.... I still don't know how to help musicians but I am still thinking.

Let me know if you have any good idea's to share. If I can help you, let me know.