Members RevMachineBass Posted January 7, 2009 Members Share Posted January 7, 2009 Has anyone on here ever incorporated your band as a LLC (Limited Liability Corporation). If so what were the advantages/disadvantages? I've read some articles online and I'm considering persuing this with my band. Link to comment Share on other sites More sharing options...
Members bnyswonger Posted January 7, 2009 Members Share Posted January 7, 2009 It can be a good thing to do. If the band entity got sued for some reason or other, it can act as a firewall between that and your personal assets. Not a guarantee by any stretch, but if your band can come to mutually agreeable terms as to how it operates, it can be beneficial just to have that stuff spelled out. Link to comment Share on other sites More sharing options...
Members groutt Posted January 7, 2009 Members Share Posted January 7, 2009 Could Lug form a LLC? Link to comment Share on other sites More sharing options...
Members Super_Donut_Man Posted January 7, 2009 Members Share Posted January 7, 2009 Rock paper scissors for the person who gets stuck as "General Partner"? Link to comment Share on other sites More sharing options...
Members Rowka Posted January 7, 2009 Members Share Posted January 7, 2009 I set myself up as Rowka Entertainment, LLC a few years ago when I put Rockstar together. I let the LLC get 1099s from the clubs, then paid each of the band members (myself included) with every getting their own 1099 from Rowka Entertainment, LLC. I don't think I needed to do it that way, but it formalizes it enough to force ME to keep good records of music related income, expenses, mileage, etc. Link to comment Share on other sites More sharing options...
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