Me and my friend are music producers for various styles. Our music is starting to get noticed, and I trying to figure out how to structure the company name. I know that when u form a joint venture/parternship, you can be personally liable for lawsuits, and an LLC u dont. But I have seen record labels that dont have LLC behind their name and I know their attorneys have more sense than to make them personally liable.
So I trying to figure out what steps to take to form the company/record label/etc. any advice on links, websites, reading materials or just any personal advice would be great.
2007-05-09 17:08:18 · 4 answers · asked by mr kent 2 in Entertainment & Music ➔ Music ➔ Other - Music
You have to form a CORPORATION. If it's just the 2 of you, then you would each own 50% of the stocks, assuming you've put in the same amount of start-up money. When a corporation is sued or files bankruptsy, then you would not be personalbly liable. Just the corporation would. Without a corporation, then yes you could personally be sued for something to do with your 'buisness' and if you filed bankruptcy, creditors could take your personal stuff, whereas they can't do that if you're a corporation. :-)
2007-05-09 19:08:40 · answer #1 · answered by Army Of Machines (Wi-Semper-Fi)! 7 · 1⤊ 0⤋
I know a couple of good lawyers that can help with that fancy talk and I'll lend you their services for the small cost of a record deal.
2007-05-15 21:26:31 · answer #2 · answered by tom taylor 1 · 0⤊ 0⤋
With a capital letter
2007-05-10 01:38:24 · answer #3 · answered by falconrf 4 · 0⤊ 1⤋
Register the bussiness and start.
2007-05-15 09:32:47 · answer #4 · answered by Mystery 3 · 0⤊ 0⤋