For most musicians, it’s pretty exciting to put a band together. But what some artists don’t realize is that taking a band strictly from a creative endeavor to a business entity requires attention to details--business details. And those include key practical issues that can affect both the short and long-term success of the band.
Sounds reasonable, but when’s the right time to get down to business? That’s simple: When the dream becomes a reality: For example, when you start operating like a business by hiring rehearsal space, recording demos, playing gigs, investing in equipment and so forth.
A band’s first order of business is to draw up appropriate papers to form a bona fide business entity. Typically, there are four types: Sole proprietorship; Partnership—General or Limited; Corporation ("C" or "S"); and a Limited Liability Company.
