I figured this is the best sub for business related. I used legal zoom. I filed an LLC for a publishing company to protect my music and make sure I'm getting everything that I earned. The next steps for me is getting a logo created for websites, creating a simple website, and setting up a business email with gsuite. Once I get my EIN I'll set up a business account with a bank that is nationwide and use that to pay for the session singers for my project and mastering engineer. My contract with BMI ended and I'm switching over to ASCAP. BMI hasn't done much for me. I've had to collect royalties on my own (which is their job), and have never updated my credits.
Finally filed my LLC
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Luckily as a Belmont student I have free access to music lawyers for consultations and advice. Otherwise that'd be another arm and leg.
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Congrats!
As a serial entrepreneur (I think I'm on business #5 :lol
, getting your LLC. is a very nice bit of protection and helps a LOT with getting yourself taken seriously in the marketplace. It's also convenient as a single member, since you can do all your tax filings under your personal income tax filings instead of having to file separately (which can get expensive and complicated).
I deal with ASCAP, BMI and SESAC from the other end (as a broadcaster) and I think they're all a fucking mess. I think they can be excessive and heavy handed at times, while also not doing enough to represent artists/writers (ESPECIALLY smaller ones). Very black box organizations. The fact they operate as non-profits makes me very skeptical of their accounting.
As a serial entrepreneur (I think I'm on business #5 :lol
, getting your LLC. is a very nice bit of protection and helps a LOT with getting yourself taken seriously in the marketplace. It's also convenient as a single member, since you can do all your tax filings under your personal income tax filings instead of having to file separately (which can get expensive and complicated).I deal with ASCAP, BMI and SESAC from the other end (as a broadcaster) and I think they're all a fucking mess. I think they can be excessive and heavy handed at times, while also not doing enough to represent artists/writers (ESPECIALLY smaller ones). Very black box organizations. The fact they operate as non-profits makes me very skeptical of their accounting.
I think ASCAP has more to offer than BMI even the the BMI HQ is about 5 miles from me. I have blanket performance licenses on a few of my film style compositions but BMI has reported no royalties. Yet I can contact the manager who set up the deal and they say otherwise.Congrats!
As a serial entrepreneur (I think I'm on business #5 :lol
I deal with ASCAP, BMI and SESAC from the other end (as a broadcaster) and I think they're all a fucking mess. I think they can be excessive and heavy handed at times, while also not doing enough to represent artists/writers (ESPECIALLY smaller ones). Very black box organizations. The fact they operate as non-profits makes me very skeptical of their accounting.
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Yeah, like I said, I question their accounting. I get the impression they're beholden to lobbying and monied interests more than "the little guys" like they champion in their marketing. I work with a few smaller, older radio station that still do all of their logging in handwritten paper form, and there's absolutely NO WAY anybody is reviewing those line-by-line. Same thing with music venues and bars that aren't using Muzak or similar for their in house audio.
I just get the impression they collect a lot more than they pay out, and they're selective about who they pay out to. I haven't dug into one vs the other but I do generally hear better things about ASCAP from the artist end of things.
I just get the impression they collect a lot more than they pay out, and they're selective about who they pay out to. I haven't dug into one vs the other but I do generally hear better things about ASCAP from the artist end of things.
At the very least I should be able to look myself up on allmusic and see my credits, but BMI failed me there too. I dont know how that doesn't auto generate.
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Reminds me of when YouTube blanket demonetized channels under 1000 subscribers. They pitch supporting creators/artists on the merits of their work but they actually only care if you carry a certain amount of influence.
Anyway, that's neither here nor there. I'm sure you'll get the royalty thing straightened out, and obviously being able to license stuff out directly, contract work, etc. will be great ways to make money all within your control.
Anyway, that's neither here nor there. I'm sure you'll get the royalty thing straightened out, and obviously being able to license stuff out directly, contract work, etc. will be great ways to make money all within your control.
My biggest hurdle right now is session singers. I'm dealing with a lot of Payment upfront+50% master ownership+performance royalties for work for hire. Thats now how work for hire works. You top line the song? Sure, but re-recording a song one of my songwriters already wrote means work for hire and performance royalties if you're not a douche.
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Best of luck. My shop was always an LLC, but just be aware with an LLC comes a hefty "self employment tax" that you wouldnt have to pay if you instead filed as an S-Corp. Thats not really an issue until you start making some serious money though, but just something to consider in the future. Because I was so focused on the day-to-day of running my business, I went years longer than I should have being an LLC. Obviously consult an accountant, just saying
I just talked with an accountant on Tuesday. One of the topics we talked about was the stimulus package. Because I filed before this corona mess started happening it has affected me getting started up. As I'm releasing an EP I've had to outsource recording vocals and paying extra since I can't record people in person and that make its a lot hard for me to say "I thought the take could have been better, the melody could be fixed, or even that was awesome lets keep it."Best of luck. My shop was always an LLC, but just be aware with an LLC comes a hefty "self employment tax" that you wouldnt have to pay if you instead filed as an S-Corp. Thats not really an issue until you start making some serious money though, but just something to consider in the future. Because I was so focused on the day-to-day of running my business, I went years longer than I should have being an LLC. Obviously consult an accountant, just saying
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BMI hasn't done much for me. I've had to collect royalties on my own (which is their job), and have never updated my credits.
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