After all, companies are the last form of legal entity we`ll talk about. By forming a C corporation or an S corporation, a group or artist may limit their personal liability by forming an entity that is responsible on behalf of the band for commercial disputes and contracts with other parties. Essentially, the band will provide its services as if it were an employee of the company. In this way, none of the personal assets are at risk. In addition, the Company may issue public or private shares. 15. 1 Note: The meaning of the Latin word is well illustrated by the following passage from the History of the Lombards of Paul`s Deacon (Historia Langobardorum, 1.20) of the late eighth century: « Tato vero Rodulfi vexillum, quod bandum appelant, eiusque galeam, quam in bello gestare consueverat, abstulit. » (« Tato [a Lombard king] actually carried the banner of Rodulf [a king of Heruli, a Germanic people], which they call Bandum, and his helmet, which he used to wear in battle ») The assumption is that the norm that served as a gathering point or assembly point for a group of soldiers was applied to the group itself, and the meaning was generalized to any society of people. â The Gothic word bandwo is generally assumed to descend from Indo-European *bheh2- « to shine, to give light, to appear » (see fantastic entry 1), although derived details are missing. D. Kroonen (Etymological Dictionary of Proto-Germanic, Brill, 2013) sees it as *bhonh2-tuÌ ̄éh2, from the basis of Germanic *bannan- « to speak formally, to call, to order » (from *bhonh2-e-, by Kroonen; see prohibition entry 1). The Gothic name has a verbal derivation bandwjan « to give a sign, to reveal », preceded by gabandwjan. The verb corresponds to the Old Icelandic benda « to shake, to give a sign, to anticipate », apparently the only other Germanic evidence of the etymon. « Band means a corporation of Indians whose use and benefit on common lands to which Her Majesty has legal title, before, in the 4th century or after.
September 1951; for the use and benefit of which Her Majesty jointly holds funds; be declared by the Governor in Council as an obligation within the meaning of this Act. The Chambers rankings are the definitive sign of excellence across the legal industry. A Chambers ranking demonstrates that your firm has excelled in the rigorous, most independent and thorough research process of any legal directory on the market and has proven to be one of the best in its field. Law firms and individual lawyers are ranked in levels from 1 (highest) to 6 (lowest). Being placed in a group is an important achievement. Some of the qualities by which rankings are evaluated include: sole proprietorships have a single individual owner, and a start-up is not necessary. The owner retains full control and responsibility for the operation of the company. This means that the owner has the power to make all decisions on behalf of the business, but also personally assumes full responsibility for the debts and liabilities of the business (the owner`s personal assets and assets are at risk). Finally, sole proprietorships have a « tax pass-through, » which means that the owner must pay and report the company`s taxes on their individual tax return. This is the simplest and most cost-effective business structure (in terms of upfront costs and filing legal documents). A partnership exists when two or more people own a for-profit business. There are two types of partnerships: general and limited. Open partnerships do not require any formalities and are very similar to sole proprietorships, as each partner is personally responsible.
Limited partnerships are structured in such a way that there is at least one general partner and one or more limited partners who are « limited » in terms of responsibility, control and liability. By default, each partner is a representative of the partnership, i.e. the partnership, and each partner is personally bound and responsible for the actions of an individual partner, such as signing an agreement. Partners should have their respective lawyers draft and negotiate a partnership agreement that addresses how decisions are made on behalf of the corporation, what happens if a partner leaves, and whether an asset is considered corporation property. The formation of an LLC creates a separate, autonomous business entity designed to significantly reduce the risk of personal liability and allow for pass-through taxation at the owners` choice. To form a limited liability company (LLC), you must file articles of incorporation with your Secretary of State and draft and sign an operating agreement that details your company`s rules for financial and functional decisions. Some states also require filing fees or annual payments. The process and its formalities can be navigated more easily with the right advice and guidance from an experienced lawyer.
A well-designed operating agreement and knowledge of the tax benefits that come with it can help a band or artist avoid the dramas and pitfalls that come with money, fame, and success.
