The agreement was that we would use all money made as a band to pay off the equipment. Is there some kind of legal document that I can print have everyone sign holding them responsible for there portion?
2006-09-12 14:40:17 · 9 answers · asked by Vincent Vega 2 in Politics & Government ➔ Law & Ethics
Whoever signed for it is on the hook. If You were smart the band should have been incorporated and bought the equipment as an entity. That way the debt and assets of the group could be handled and no individual would carry the burden of debt. NEVER assume always protect yourself and get safeguards before taking responsibility for anything.
2006-09-12 14:45:07 · answer #1 · answered by mr conservative 5 · 0⤊ 0⤋
If that is your agreement the you are hosed, anyway. If the band does not make money, then the band members do not have to pay for the equipment as per your agreement.
But assuming you do talk them into signing something else, you have to consider that some members may walk, so they will not want to pay for your band's equipment if they do.
Basically I would do the following: get that band making money and get the thing paid off. BUT .... then the whole band owns it, so if an existing member walks you have to buy him out.
You didnt think it thru, didja? So enjoy your PA. What you should do is "rent" it to the band per gig, and that way it will belong to you, no questions asked.
2006-09-12 14:46:09 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If the band is buying it, then everyone doesn't have a portion. You have to either make the band a legal entity (incorporate), or have one or more members own it and rent it to the band on consignment - i.e. when it's a paying gig. Obviously, paying for practice use is a bad idea as it will discourage practice. Without practice, the paying gigs will be few and far between . . .
2006-09-12 14:57:13 · answer #3 · answered by szydkids 5 · 0⤊ 0⤋
Sounds like YOU bought the PA. You should most definitly get everyone to sign something. What if the band never makes that much money?
2006-09-12 14:44:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Who actually signed for the equipment ? If the collectors start calloing someone whose name is first on that list.
If it is you, you should get each of them to sign a contract to pay you back thier share of the PA cost. Be specific as to how much it is, and exactly when they are suppose to pay.
If they all decided to leave the band tomorrow who is to pay for it ? ?They should still be liable to pay, and the contract should say that.
2006-09-12 15:14:45 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It may be too late to talk them in to signing anything now that you've already purchased it. If they will I would sure think about it. But if you do you should also think about how you will settle ownership if the band breaks up or if any individuals leave.
2006-09-12 14:47:13 · answer #6 · answered by shominyyuspa 5 · 0⤊ 0⤋
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2016-11-07 05:12:01 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Who ever signed for the 2 grand just got screwed....
2006-09-12 14:44:44 · answer #8 · answered by Anonymous · 0⤊ 0⤋
A little late for that isn't it? Contracts are for "Before" you make the transaction!!!
2006-09-16 13:21:53 · answer #9 · answered by Anonymous · 0⤊ 0⤋