Legal Question in Entertainment Law in Virginia

Music Company/Business w Multiple Partners

I'm working with two individuals in the music business and would like to start a record label with them. These two individuals are located in a different state. What would be the best way to pursue this goal? LLC or LLP?

thanks


Asked on 12/31/06, 5:42 pm

1 Answer from Attorneys
Bernard Dietz Law Offices of Bernard C. Dietz, PC

Re: Music Company/Business w Multiple Partners

In my opinion, more information would be needed to properly discuss the best entity choice (LLC, LLP, corp.), including the expected role and work of each of the individuals. There are both liability and tax considerations for each of the possible entities.

Whatever you choose, make sure you properly document, in writing, the agreement as to control, distibutions, etc. between all of the individuals involved. It's much easier and cheaper to get it right from the beginning.

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Answered on 12/31/06, 6:21 pm


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