I play guitar in a cover band. Our band is going to start playing out soon and I was wondering if there is anything we need to do before we start. Do we need to register our name? Setup a business? Is any money we make taxable? I am just looking for the basics here.
2007-01-22 06:49:58 · 5 answers · asked by Vincent Vega 2 in Entertainment & Music ➔ Music
There are many many things you need to do. All of this info is available on line if you look for it. Also, contact and communicate with someone you trust who has been there and done that to a reasonably successful level. Avoid wanna bee's and negative minded people.
In this situation, I will offer up just one piece of advice. Something I'm sure you already know but too many musicians and/or performers take for granted.
You have a responsibility towards every person that spends their hard earned money on a ticket or admission fee to your show or concert. Your number one priority should be to make darn sure you and your band mates are giving everything you have to them.
Make sure the band is thoroughly rehearsed and that your show is the best you can possibly offer. - performance, visual and production.
Never underestimate the power of your audience and future fans.
Best Wishes on your endeavor!
2007-01-22 07:01:24 · answer #1 · answered by ? 6 · 0⤊ 0⤋
The only thing you really "have to" do is keep track of how much money you make, because there is always the chance the IRS could come knocking. You might find that some clubs that pay you with checks also give you a W2 form just like a regular employer would ... and if you get a copy, rest assured that the IRS does too.
It wouldn't hurt, though, to go ahead and register as a business. Suppose your band name was "The Dharma Bums" ... you would go to the county tax office and tell them that you wanted a DBA (Doing Business As) form, listing the names of the steady band members and contact info for whoever you designate as the band's leader. It doesn't cost much (less than $20 here in Texas) and with a DBA designation you can open a bank account for the band, keep band expenses and income separate from whatever your day jobs are, and have a record of when you started using the band name. That way, if another band in the area started using the same name (accidentally or otherwise) you'd have enough proof to justifiably ask them to stop.
I know it usually seems unlikely that the IRS is going to come after you for making just a few hundred extra dollars a year. But trust me on this one ... they can, and they will. Might as well play it safe.
2007-01-22 07:06:39 · answer #2 · answered by MikeTX 3 · 0⤊ 0⤋
Ive been in a cover band for years. Register your name and website info only if youre worried about another band with your name causing problems by claiming copyright infringement. It does happen.
Money that you make is taxable. Some bars and clubs may try to pay you with a check. Remember, that check will be (most likely) made out to just one person unless your band is in fact set up as a business entity....which, lets face it is a big pain in the asz for a cover band. try to get paid in cash whenever possible. The individual that the check is made out to will be expected to pay taxes on it. The only good news here is that any new equipment/instrument purchases, etc...can now be treated as a tax deduction.
basically, get a website, pay the $25 a year or whatever to keep it registered and get paid in cash whenever possible.
2007-01-22 07:02:01 · answer #3 · answered by Jay33son 2 · 0⤊ 0⤋
Yes to all of the above. Get yourself an accountant and a business manager. This will save you lots of headaches down the road.
2007-01-22 06:56:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, yes, and yes.
2007-01-22 06:56:07 · answer #5 · answered by T.M. 2 · 0⤊ 0⤋