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13 watkins matthew settingupabusiness
- 1. Setting up aBusiness Matthew “Kyrri” Watkins
- 2. What kind ofentertainment or music related business I have decided to create.
- 3. What kind ofbusiness entity will I choose for my business and why?
- 4. What types oflicenses will I need to start conducting business?
- 5. What types ofinsurances will I need?
- 6. What contracts willyou need to have in order to get your business up and running?
- 7. Will I needa lease?
- 8. What kind ofcontracts will I need for my clients?
- 9. What kind ofcontracts will you need for vendors?
- 10. What kind ofcontract will you have with any people you might be starting the business with ?
- 11. When discussing thenecessary contracts, consider whether you can draft the contracts up yourself or whether you will need to hire an attorney to help you do so.
- 12. What exactly areyou looking for from the investor in the way of money?
- 13.
Editor's Notes
- #3 What services I will provide with my company are basic management services such as: setting up interview set ups for my clients, direct link to the press, contract negotiations, etc. I will also be providing basic booking agent services as well, such as: Booking shows for my clients, contacting venues to make shows for my clients, contacting bigger name artists to have my artists open for their shows, negotiate payment for my artists services, etc.
- #4 The reason I will start my business as an LLC is due to the fact that it has many benefits similar to corporations, but less expensive. I will set up the company as a sub-S corporation in the eyes of the IRS and therefore will be a passthrough company and I will not need to pay corporate taxes.
- #5 The reason I need a Talent Agency License is due to the fact that in Florida it is not legal to represent more than one artist at a time basically. Without the license if I do, I could be subject to fines and jail time, and worse, the possible loss of my business.
- #6 Also commonly referred to as errors and omissions insurance or E&O for short, professional liability insurance is important in helping talent agencies to protect themselves against claims from clients. If a talent agency or agent is accused of making a mistake in their work, even if no actual mistake was made, professional liability insurance can not only pay out if a claim is awarded but can also help to cover the legal fees associated with defending against a lawsuit. Any talent agency that maintains and office space can benefit from carrying general liability insurance in order to protect against claims of accidental bodily injury or property damage such as a slip and fall accident. Talent agents that meet with clients outside of the office may also benefit from carrying general liability insurance in the event that a client claims that they were accidentally injured by the agent or that the agent accidentally damaged their property. General Liability insurance is also often needed in order to satisfy lease requirements when leasing an office space.
- #8 I will not need a lease due to the fact that this business does not need a brick and mortar location.
- #9 I will need these agreements in order to work with my clients without fear of them taking the benefits of my work and going to someone else with them.
- #11 I will not need any contracts for partnership since I do not plan to have partners.
- #13 I am looking to receive $10,000 from the investors in the form of a loan. I do not plan, nor wish to give up equity in my company. What I will use this money for is to purchase my licenses, forge my contracts, pay to establish the company in Florida, and to also market my company to receive clients.