What form of business should my band be?
A band is a business. The more you treat your band like a business, the more likely you are to succeed in the industry. There are essentially three forms a business can take. First is a sole proprietorship. If you are a solo artist, this is the route to take. However, if you are a band, this form is unavailable for obvious reasons. Therefore, your choices are between a partnership or a corporation. There are a few other forms businesses can take, limited partnerships, limited liability companies, etc., but they are too complicated to address here. A corporation is an interesting concept. The way it works is you create a company which is owned by stockholders. This stock is not traded on the Stock Exchange, but owned by the band members. In the entertainment industry, a band which incorporates forms what is know as a loan-out corporation. What the corporation does is contract with other parties for your services. For example, if you have a loan-out corporation and you get a record dea...