starting your own company

[Sonorous]

just wondering how many people here have their own company such as a record label or production company if so what step did you have to take to start it because i was thinking about starting a production company just wanting to know what kind of step do i need to take

 

[eldiablo]

if you plan on claiming your profits on your taxes, then you need to get a tax i.d. # . if you dont plan on making that much in the beginning i know most states alow you to use your social security number as your tax i.d. i would say it would be safe not to claim if you make about 10,000 or less a year, but if your planning on making a substancial amount definately go get the tax i.d.

 

[Ominous]

It varies from state to state. And then there is the federal level.

I started Ominaudio Records in Arizona. It cost 26 bucks to do it online. This got me my tax id and my retail license so I can accept payment for CD sales and a DBA. The tax ID is actually my social security number because I don't have employees. I have to file taxes every month. Then is cost me 15 bucks to register my name and another 15 bucks for my logo.

Then to lock up my business on a national level... it cost 300 bucks. Then you should register with BMI or ASCAP.

It isn't a lot of money to get started.... but there is a lot of steps. People get degrees in running a business so it isn't quite an overnight situation. But you have to be super organized.

 

[Krazyfingaz]

where I live all I did was went to the department labor licensing and regulations, registered my company name with the state and obtained a tax i.d. the total cost of everything was about $370.00

 

[stormelements]

I just started my own company a few months ago, I got my tax id for free online, signed up for my ascap for publishing, signed artists, bought the domain, now i'm working on getting the site up. I'm going to get my company registered with the state next. I haven't spent money yet, except for the domain name for $5.

 

[Relic]

I have an LLC, it makes millions of goose eggs a year, it costs alot to keep open when you hemorrage money.
Truthfully Im ready to close it , but I know that if I do I cant ever reopen it under the same name..
So its a catch 22.
I thought if I did it it would make all the cats I was workin with more serious , but instead they fled.
just Step stayed.

 

[Da IllFellaz]

my partner and i own our own LLC which i started up 4 yrs ago. its a limited liability company like relics so you can only lose what you put into it, they cant go after personal assets. it cost me 200 to start it up. my brother, who is a cp (an accountant) helped me wit it. you gotta file your taxes every year and get a tax id # as well. its awesome. we makin a lil money, nothin crazy but shit is official namean. we can do a DBA at anytime we want as well.

nomezzy

if you are in new york, this is the link www.nys.gov

 

[Relic]

Nice you have a cp in the family , mine is gettin switched up cuz he charges too damn much every year.
Good you have a decent team too, Im restructuring at the moment..
Anyone down holla! lol

 

[Ash Holmz]

yeah i need to start my own joint for real .. i was(still am) part of a legit business venture with three other partners but i want to start my own shit fo sho as I have my own ideas about how business should be done. Im thinking of goin the LLC route. My brother has an actual corporation even though its only him by himself lol... my (younger lol) brother is my idol because he completely sustains himself on his business and doesnt work a normal job and lives right on south beach, MIA. Im trying to get to that point but its tough with this music business.

 

[Step Soprano]

cocaine...

 

[God]

have a business plan first. know your objective, have investors. have a plan and stick to it. if you don't know what you're doing - research first if you even need to open a company.

 

[Relic]

^^^ YES!!! Do all that. I need to start a thread on how to shut down a company Im tired of mine all it is is paperwork and money. Im taggin out, Ill just be independant under the table contractor.