Personal Development for Smart People Forums - View Single Post - When is a good time to do the tax side of business?

dgorila1 · 01-27-2007, 04:28 AM

Definately get professional guidence! You want to protect yourself personally and financially, as well as get the biggest possible credit/deductions for all that you have/will put into the business. And you need to think of it as just that....a business. Ideally you want a contract or document of some sort that all the members would sign that specifies what each person contributes to the business, their interest (stake) in the business. This way when the band eventually breaks up or someone leaves, or you hit it big, you have legal documents stating exactly what each member is entitled to. If you are getting ready to go "big time" as you say, you want to get this done ASAP. Good legal, tax, and financial advice is critical in ensuring your business and financial success as well as protecting yourself. You well know that no band last forever, and you don't want to be like many of the once successful members of a band that are now broke because of bad legal and financial decisions. Good luck. By the way, what type of music does your band play and what the name? As you probably already know, putting your tracks on the web for free download is a good way to spread your music fast and hopefully get "discovered" and taken to the next level.

01-27-2007, 04:28 AM	#4 (permalink)
dgorila1 Member Join Date: Jan 2007 Posts: 61	Tax advice Definately get professional guidence! You want to protect yourself personally and financially, as well as get the biggest possible credit/deductions for all that you have/will put into the business. And you need to think of it as just that....a business. Ideally you want a contract or document of some sort that all the members would sign that specifies what each person contributes to the business, their interest (stake) in the business. This way when the band eventually breaks up or someone leaves, or you hit it big, you have legal documents stating exactly what each member is entitled to. If you are getting ready to go "big time" as you say, you want to get this done ASAP. Good legal, tax, and financial advice is critical in ensuring your business and financial success as well as protecting yourself. You well know that no band last forever, and you don't want to be like many of the once successful members of a band that are now broke because of bad legal and financial decisions. Good luck. By the way, what type of music does your band play and what the name? As you probably already know, putting your tracks on the web for free download is a good way to spread your music fast and hopefully get "discovered" and taken to the next level.