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08-23-2004, 08:06 PM
Hello everyone.

I found this forum on a search and it was the first to pop up.
I figure I need something like this to get me through a few questions and some things down the road.

Heres the deal....

I'm currently in a serious Christian Rock Band that is very small time. Nothing big happening with contracts ect...but there have been some finance stuff arise.

We just finished a self recorded, produced and distributed cd project and are about to sell them at gigs only! We went ahead and have gotten a Bank Account in the name of Narrow Gate. Three of us are on the account. I pretty much have been asked to handle the business end of our ministry.

Question 1. We are going to put donations, love offerings and cd sales into the account and use the account solely for buying new gear, road expenses and maybe help us produce our next Cd.
WHERE DO WE STAND WITH TAXES AT THE END OF THE YEAR?

Question 2. Would be benefit getting established as a non-profit group?

Question 3. Lets say we are looking at the full picture of what we just accomplished as a self produced band with NO label backing, nor publisher. Would it be wise to look into becoming a LLC Ministry?

Question 4. We do everything ourselves with me building a studio about a year ago in my house , downstairs. Should I set up the LLC myself and can I "run" the band through it?

Question 5. Is any of this making sense..LOL :lol:

Any advice is GREATLY APPRECIATED in advance. I have a feeling I'll be a constant member here!

History in me...I'm a purchasing agent that basically took the job at a company I have been with for 12 years. I have NO degree in business but I do know our product and i know how to shop. (wife taught me that..LOL)

I want to take hold of this "small time band" and see that we benefit the best we can WITHOUT getting into trouble with money, taxes, ect...

Thank You!
Wm.

08-24-2004, 12:04 PM
Whew....did I ask too much at once?
:?

BusinessMan
08-24-2004, 12:32 PM
Patience is a virtue William. A response may come... but it may take time.

08-24-2004, 12:38 PM
Not a problem.
Thanks 8)

delusional
01-25-2014, 03:08 AM
Hello everyone.

I found this forum on a search and it was the first to pop up.
I figure I need something like this to get me through a few questions and some things down the road.

Heres the deal....

I'm currently in a serious Christian Rock Band that is very small time. Nothing big happening with contracts ect...but there have been some finance stuff arise.

We just finished a self recorded, produced and distributed cd project and are about to sell them at gigs only! We went ahead and have gotten a Bank Account in the name of Narrow Gate. Three of us are on the account. I pretty much have been asked to handle the business end of our ministry.

Question 1. We are going to put donations, love offerings and cd sales into the account and use the account solely for buying new gear, road expenses and maybe help us produce our next Cd.
WHERE DO WE STAND WITH TAXES AT THE END OF THE YEAR?

Question 2. Would be benefit getting established as a non-profit group?

Question 3. Lets say we are looking at the full picture of what we just accomplished as a self produced band with NO label backing, nor publisher. Would it be wise to look into becoming a LLC Ministry?

Question 4. We do everything ourselves with me building a studio about a year ago in my house , downstairs. Should I set up the LLC myself and can I "run" the band through it?

Question 5. Is any of this making sense..LOL :lol:

Any advice is GREATLY APPRECIATED in advance. I have a feeling I'll be a constant member here!

History in me...I'm a purchasing agent that basically took the job at a company I have been with for 12 years. I have NO degree in business but I do know our product and i know how to shop. (wife taught me that..LOL)

I want to take hold of this "small time band" and see that we benefit the best we can WITHOUT getting into trouble with money, taxes, ect...

Thank You!
Wm.

I'll give a shot at answering some of your questions:

1) As long as you don't make a lot of money, there's no problem with taxes. You're basically selling home-made products.
2) Probably not. Because you are not doing a non-profit thing, you want to make sales.
3) If your band gets bigger, that would be a good option to manage all the funds, bookkeeping, material, insurance, ...
4) Don't start 2 LLC's, if you have one for the band/management, you can buy equipment through the LLC.
5) It is and I have seen it done. I've seen 2 solo artists that did everything themselves. They had absolutely no free time with managing their own performances and recording and doing performances but they made a substantial amount of money while bands working for a label only take a small piece of the cake.

So in short: if your band gets big, set up a LLC to manage the funds but until them, just have fun.

soopersonic
03-03-2014, 08:11 AM
Have you looked into the costs of creating an LLC? If you have limited funds at the current stage, you may want to thing about how much money you're spending on creating your ministry, vs. how much money it currently brings in. If your primary goal is raising funds to spread the good word, you might not want to spend everything on startup costs! I agree with the above poster, maybe hold off on the LLC until it is a necessity.

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07-03-2014, 09:55 PM
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