Music Business

Business Entities (1)

The Music Telegraph | Text 2019/02/20 [12:47]
Music Business

Business Entities (1)

The Music Telegraph| 입력 : 2019/02/20 [12:47]

 



 

 

Business Entities (1)

 

 

There are mainly three forms of business that can be used to organize your music business affairs. These are (1) sole proprietorship (a single self-employed individual running the business); (2) Partnership (two or more self-employed people running the business); and (3) corporation (which can be owned by one or more individuals and is organized under specific state laws). Each of these forms has special features that should be examined when making a decision about how to organize your business. These features include, among others, expenses, personal liability, and taxes. You should seek professional advice to determine the best form for your particular situation before investing too much time and money in your enterprise. The cost of planning in advance to minimize problems is much less than the cost of trying to cure those problems after they have materialized.

 

 

 

Sole Proprietorship

A sole proprietorship is a business conducted by one individual who is the sole owner. If you have your own business for the purpose of making money, whether by making or selling records, writing and publishing songs, operating a recording studio or performing solo, you have a proprietorship business, and this material applies to you.

 

A proprietorship is the simplest form of business to start because it generally requires no contacts (contacts require at least two people) and only a few special papers have to be prepared. These papers include a fictitious business name statement, commonly called a DBA (“Doing Business As”), which identifies you as the owner by your name and address and the name under which the proprietor is doing business. Note, however, that DBA need only be filed if you use a name other than your own to do business. That statement must be filed with the county recorder located in your local county court house. After filling with the county recorder, you must publish a legal notice statement of your doing business. You can inquire at your county recorder’s office to find out which local newspapers publish the notices and have the least expensive legal notice rates. Certain local governments may require the proprietor to obtain a separate business license or that license may be covered by the fictitious business name filing. Your county recorder’s office can fill you in on this.

 

 

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