Did you form an LLC?

[fretman]

... and why? I've just started and I'd like to try to get as many ducks in a row as possible.

Thanks!

[pboss]

No, I did not. I'm wondering for what purpose are you thinking you need an LLC to be set up? There are cases where you may want to establish a limited liability corp. But I would not form one unless I had a specific reason. You don't need a company to be set up to cash a PRO check, as a publisher, for example (not ASCAP, at least). If I were you, I would try to narrow the motive to some specifics, if you have not already. Maybe your question would be, "Why form an LLC?". Then take it from there.

[Casey H]

If you're just starting out, no need to even think about this. Focus on the music for now.

Best of luck!
Casey

[fretman]

Yes, I'm just starting out and apparently reading too much. OK, no need for an LLC. I've read that the main advantage is for lawsuits. The LCC gets sued and not you personally, thus protecting your personal assets. I can wait until it's worthwhile, if ever.

Is there a newbie things-to-do list somewhere? I couldn't find one. I should register at the copyright office, right? And then copyright the songs before I submit them? I should join BMI or ASCAP? Things like that.

Thanks

[Russell Landwehr]

Yes, I'm just starting out and apparently reading too much. OK, no need for an LLC. I've read that the main advantage is for lawsuits. The LCC gets sued and not you personally, thus protecting your personal assets. I can wait until it's worthwhile, if ever.

Is there a newbie things-to-do list somewhere? I couldn't find one. I should register at the copyright office, right? And then copyright the songs before I submit them? I should join BMI or ASCAP? Things like that.

Thanks

Hi Fretman.
(is that your first name or last name? )
If you are sending songs targeted to artists or labels, then you should probably register your copyright. But if you are primarily doing music to place in Libraries or direct to supervisor, there isn't a big need to register the copyright. You should, however, sign up with either BMI or ASCAP. When it does come time to sign something that has been forwarded things will go smoother if you are a member of a PRO.

Regards
Russell Landwehr

[Paulie]

I've thought about it as well for tax purposes, but from what I've read elsewhere here there's no reason. Just deduct the expenses and hope that you become profitable in three years or else the IRS might get annoyed.

[andygabrys]

....OK, no need for an LLC. I've read that the main advantage is for lawsuits. The LCC gets sued and not you personally, thus protecting your personal assets. ....

Yeah - you have to have something worth suing for before anyone will bother.

Its worth a google to see - but in the past you had to be talking $75k more more before anyone will bother suing due to the cost of the suit itself.

If you are involved in doing things where you are at increased chance of lawsuit (maybe a lot of commercial music where you are writing stuff that sounds alike) you usually consider have E&O insurance (also very costly)

[pboss]

Is there a newbie things-to-do list somewhere?

Yes there is, and it is all that Taxi has to offer. Read these forums, use Google "site search" to search these forums for specific topics (it's faster and more accurate than the internal search, plus you don't need to be logged into the Forum to search that way).
For example:

site:forums.taxi.com copyright

Go to the Rally. Attend all of the classes and panels that you can. You can't learn everything in 10 minutes by reading a list, it does take quite a while to get up to speed on many of the (changing) ins-and-outs of this industry.

Casey gave great advice - focus on making your music the best it can be. That's what it's about in the end.

[mojobone]

To PBoss' post, I'd add, 'watch Taxi TV live, Mondays @ 7:00 EST (4:00PM on the Left Coast) and search UStream for older shows on topics of interest and read up on the "Five Year Plan" here in these fora. The best info is found in Forwards, Listings and Peer-To-Peer, but of course, there's much to discuss here in the Biz section.

[mobster85]

Absolutely no reason for an LLC. Just deduct expenses Just like a business and make sure u show some profit at some point or Otherwise it is viewed as a hobby. U can only lose money 2 out of every 5 years. Im on year 3. Year 1 lost Year 2 made $168 and year 3 lost. Thats advice i got from my Tax lady.