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Your Rock Band Is A Business
This happens more than you think. A member of the band will put an ad in the paper announcing your gig dates and then will come back to you and the rest of the members and tell you that you owe $100 each (or whatever the figure is). You all proceed to tell the ad placing member that you are not responsible because he did not inform the group prior to placing the ad. Well, unfortunately, if this ever went to court, you would be liable for the amount. That's the way partnerships work. This little scenario shows why it's so important to treat your rock band as a business. The point is everyone else you deal with, be it a bar owner where you play gigs, a party planner that books bands, an agent, etc., they are all treating you like a business. Yet, many bands do not take the precautions that you must take to safeguard you from catastrophes that can be associated with being in business. The advertisement scenario described above would not set you back that much money. But what if one of the members of your band decided to purchase $30,000 worth of equipment and then sent all the members a bill for their share? Yep, you guessed it. You are on the hook for a portion of that $30,000, split by the number of people in band. The first step in treating your rock band as a business is to decide what kind of business it's going to be. Then, draw up a contract that describes the terms (such as no one is allowed to make any purchases without the conscent of the entire group). You need to work out how you are going to get paid and when. Are you going to pour more money back into your business to upgrade equipment, etc.? And if you do, what happens if one of the member's of the band decides to quit? Will you pay him his share of the money that he poured into the band or will you factor in depreciation for the equipment? The best possible advice that I can give is to have a lawyer draw up an agreement and give you insight to what other documents and legal forms you'll need to incorporate. It would also be advisible for each member to take the agreement and documents to his or her lawyer and get some advice from them. This could prevent anyone from entering the entire band into a legal and contractual agreement that you may be liable for. Article Directory: http://www.articledashboard.com James has been writing online for nearly one year. Recently, he created a web site called Creative Marketing Ideas 4 U. It has several articles including Business To Business Direct Marketing and Small Business Marketing Ideas |
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