This is part five of a series of posts on how to set up your band for business.
The Band Agreement
Another necessary albeit formal task in setting up your band is the band agreement. In its simplest form, the band agreement will control: who owns what share of the band’s intellectual property; what happens if a member decides to leave the band and is replaced by another; who may have invested what into the band to start it up; how the profits are split, and; how expenses are shared. The more a band is involved in business, the more complex the agreement can become. In the beginning, a simple agreement is extremely important in keeping your band together as the inevitable happens over time.
Next Step: The Band Business Plan.
Todd Murphy is a Music and Entertainment Lawyer based in Jersey City, NJ. He represents musical artists in all genres such as rock, dance, electronic, pop, hip-hop, punk, new wave, jazz and classical. Click here for Artist Inquiries.
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