Q: Does my band need to have an internal band contract? Should we consult with an attorney about that?
A:
Hi - you need to think of your band as being similar to a marriage. If there are assets (equipment, recording contract or incoming revenue streams), and there is a breakup, there are going to be disputes on how the assets will be split up. If you are in that position, congrats! That indicates that you are seeing some success with your endeavor. However, it would be prudent to have an agreement between the members that solidifies what would occur if there was a break-up, etc. It can also include how royalties and other properties would be split in the normal course of business. In essence, you would have a partnership agreement that would lay out a foundation for the legal aspects of the band.
Good luck!
Jon
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