Which business structure is best?

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intricatemindmusik

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What FP. Just wanted to get some input from you guys... Which business structure do you guys think is best for a producer. A sole propietor or an LLC? And do you feel its is nessecary to have the business established B4 selling beats?
 
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LLC everytime

Always have the business in place first, the whole point of LLC is to limit your liabilities in case of any problems.
 
Ty bandcoach. Im just not sure what type of registrations I have to fill out as far as the llc is concerned. Im trippin right now Cuz im lookin at almost 2000 dollars to license my self in new york. Smh... am I looking at the wrong stuff? Some one help! I ain't got 2 G'z rite now lol I need to start this up
 
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intricatemindmusik said:
What FP. Just wanted to get some input from you guys... Which business structure do you guys think is best for a producer. A sole propietor or an LLC? And do you feel its is nessecary to have the business established B4 selling beats?
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It all depends on your situation. A producer that is the sole member of an LLC is treated like a sole proprietorship when it comes to taxes. Not sure how LLP's work. In general limited liability entities provide more protection for the owners. You also want to take into consideration company revenues/potential revenues. You may be better suited to start an S-corp or C-corp. It really all depends. I would highly recommend seeking advice from an entertainment lawyer. Research the SBA and SCORE as well for more resources.
 
yeah if you get sued you don't want sole p. llc you can pretty much protect your personal property from business situations
 
So you are saying that having a sole propiertorship LLC will not protect you from you personal property if you get sued?
 
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