TheBeatlesRock
Junior Member
What is the name of your state (only U.S. law)? Georgia
I am a successful business owner (incorporated) and also a part-time musician.
I have been heavily involved in a writing/recording/performing group for the past 15 months.
While I do this mainly for the enjoyment and as a hobby, I certainly don't want to put myself in an unfavorable legal/tax position in 2015 by continuing in an informal manner.
To date, I have infused capital ($10,000+) and many billable hours into rehearsals, writing, recording (at my studio) and marketing efforts for this group. Even at an advanced age (30+) someone with my skill set can make a considerable living in writing/publishing by increasing ones visibility and network via a performing group.
As an entrepreneur I felt that this opportunity had 50/50 shot - an acceptable risk.
I have broached this subject many times, but I cannot force my 'bandmates/partners' to sign, or agree to anything - however there must be a legal structure that allows some form of protection and recourse, while recognizing and protecting my investment of capital, time and intellectual property?
Additionally, if a document were to be created between the 'group' what protections are reasonable? My biggest fear is someone jumping ship (3 members) and essentially flushing a year+ of effort/work and capital down the drain.
To date I there has been no profit to speak of, but next year (2015) things are slated to move quickly so I'd like to get a jump on an equitable framework.
Thank you for your time -
I am a successful business owner (incorporated) and also a part-time musician.
I have been heavily involved in a writing/recording/performing group for the past 15 months.
While I do this mainly for the enjoyment and as a hobby, I certainly don't want to put myself in an unfavorable legal/tax position in 2015 by continuing in an informal manner.
To date, I have infused capital ($10,000+) and many billable hours into rehearsals, writing, recording (at my studio) and marketing efforts for this group. Even at an advanced age (30+) someone with my skill set can make a considerable living in writing/publishing by increasing ones visibility and network via a performing group.
As an entrepreneur I felt that this opportunity had 50/50 shot - an acceptable risk.
I have broached this subject many times, but I cannot force my 'bandmates/partners' to sign, or agree to anything - however there must be a legal structure that allows some form of protection and recourse, while recognizing and protecting my investment of capital, time and intellectual property?
Additionally, if a document were to be created between the 'group' what protections are reasonable? My biggest fear is someone jumping ship (3 members) and essentially flushing a year+ of effort/work and capital down the drain.
To date I there has been no profit to speak of, but next year (2015) things are slated to move quickly so I'd like to get a jump on an equitable framework.
Thank you for your time -