Setting up music business vs publishing business in a PRO

[ToddStakem]

If i wanted to be a music company to write and sell my music and also a publishing company so i could collect on that end as well via BMI or ASCAP, does that mean i need to set up 2 separate businesses within my state. So, in essence, i would need to have 2 different tax id numbers for each business? I can't believe i was at the rally this past weekend and walked away forgetting to ask this question.

[andygabrys]

I am sure you will get many responses, but in my case as a sole-proprietor - its one TAX ID as I am ME dba writers business and dba publishers business.

I suppose if you have LLC or similar for each then you might need different #'s.

[mojobone]

My understanding is that this can vary by state. In my state, I only need to file a DBA for whatever entity has a bank account, but in some principalities, I'd also have to file for a business license, and particularly so, if I intend to hang out a shingle in meatspace. For me, an unincorporated umbrella entity/sole proprietorship was the best way to go, so there's one tax ID and one account, but multiple streams of income, mostly billed to a single business. (my streaming revenues go to my personal account, but I'm gonna try to change that, real soon, now) IMO, you should consult with a qualified accountant and attorney in your locality. That may not be a realistic goal in some localities, so shop carefully. I just got spectacularly lucky that my accountant is married to a composer; experienced entertainment lawyers aren't exactly thick on the ground, in my neck 0' the woods.