Join Richard Stim for an in-depth discussion in this video Finances and taxes, part of Music Law: Managing a Band's Business.
- Hopefully, you already have a simple accounting system.…Some method of keeping track of income and expenses.…If not, it's time to start.…You can use paper, spreadsheets, or bookkeeping…software applications to categorize and record…income and expenses.…Begin by breaking out income and expenses…into discreet categories, for example,…distinguish performance income, merchandise…income, iTunes revenue, crowd funding payments, et cetera.…Do the same for expenses, for example transportation,…salary, studio rent, telephone, insurance, and hotels.…
The more specifically you can categorize and track…these things, the better you'll be able to make…business predictions.…For example, how many women's t-shirts to order…before the next tour.…Any simple bookkeeping system will work as long…as you can track cash flow, money coming in and going out.…It is also essential that you separately track…when a member makes a financial contribution.…For example, pays for gas on tour, as these contributions…can affect the partner's ownership interest.…
It starts with what it means to be the manager of a band, and what types of business structures are available for bands. Once you've decided on a business structure, you can create a band partnership agreement that covers voting rights, postbreakup scenarios, new members, and terms for resolving disputes. Richard also exposes potential sources of disputes, like ownership of the band name, songs, equipment, and recordings. He includes advice on negotiating solid band contracts and managing financial basics: taxes, income, cash flow, and bookkeeping. Finally, he'll address how to protect your work, including your copyrights, band name, and songs, and explains how to find a lawyer—and save money on attorney fees.
DISCLAIMER: This course is taught by an attorney (or other instructor) and addresses US law concepts that may not apply in all countries. Neither LinkedIn (including Lynda.com) nor the instructor represents you and they are not giving legal advice. The information conveyed through this course is akin to a college or law school course; it is not intended to give legal advice, but instead to communicate information to help viewers understand the basics of the topic presented. The views (and legal interpretations) presented in this course do not necessarily represent the views of LinkedIn or Lynda.com.
- Putting together a band partnership agreement
- Working out ownership disputes
- Limiting band liability
- Protecting your copyrights and band name
- Hiring a lawyer