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You've been in a band for five years. Your band has been gigging regularly, both locally and statewide. That is fantastic! New musicians are discovered every day, and there is always a need for exciting new music.
First we should clarify why musicians—typically the last people to consider themselves business people—should actually be very keen to incorporate their bands. It's the smart thing to do, on many levels.
The reason a band should incorporate is because most musicians’ dreams are to become the next Rolling Stones, Mumford & Sons or Maroon 5. However, in order to do that, you have to attract the notice of an A&R representative and then get signed to a record label.
Say your dream comes true and a record label likes your band and wants to help you create music for the masses—amazing! However, that record label wants to sign your band, not a group of individuals. The label is not investing in you solely, it is investing in your band, and the label wants to see that your band is in an LLC or corporation. Incorporating your band accomplishes several things for you:
For more in-depth information, visit our asset protection for musicians page.
The second question musicians should consider is:
The LLC is governed by a contract, called an Operating Agreement, which all members agree upon. Bands can utilize an Operating Agreement to shape and formalize the specific roles and responsibilities of its members,
And the third question your band should be pondering is:
Incorporating a band is as easy as calling us at 800-345-2677. If you have any questions about incorporating your band or questions about forming a Delaware LLC, you can also email or live chat with us.
THE AUTHOR OF THIS BLOG ARTICLE IS NOT A LAWYER AND HARVARD BUSINESS SERVICES, INC. IS NOT A LAW FIRM. THE ARTICLE ABOVE IS NOT INTENDED AS LEGAL ADVICE AND SHOULD NOT BE TAKEN AS LEGAL ADVICE. THIS SHORT ARTICLE IS STRICTLY TO MENTION SOME ASPECTS OF DELAWARE’S CORPORATION LAWS AND/OR LAWS RELATING TO OTHER FORMS OF ENTITIES WHICH YOU MAY NOT BE FAMILIAR WITH. WE RECOMMEND THAT YOU CONSULT WITH A LAWYER BEFORE FORMULATING A STRATEGY WHICH WILL BE SUITABLE FOR YOUR SPECIFIC CASE.