In this next to last unit (BOO!) of the WIBO “How to Build a Growing Profitable Business” course, we learned about hiring an attorney, protecting our assets, and avoiding gray areas in our businesses.
At some point, we will need to seek legal counsel for our businesses. Whether you’re seeking a record label deal, taking on a partner, or trademarking your band’s name, it’s time to find an attorney who suits your needs.
There will inevitably come the time when you are presented with an opportunity that will be a little shady. We have to consider the consequences of our actions, especially when they have the potential to affect our business. The law is often complex, so having an attorney will help you make wise decisions.
We also discussed the different forms of business entities to operate under: Sole Proprietorship, Partnership, Corporation, or Limited Liability Company. Each one has its own advantages and disadvantages, so you have to decide which one will work best for you.
As most musicians are working with intellectual property (in the form of music and other creative works), it’s important to protect them by filing copyrights.
Remember: “He who is his own lawyer has a fool for a client”. The two key words in dealing with problems are “avoid” and “prevent”.
Since I was spending my Christmas holiday in Atlanta, I doubled up on classes last week and went to the Washington Heights class to take this unit. The ironic thing is that this week’s blizzard in NYC caused my class in the South Bronx to be cancelled, so I’ll actually take this unit twice!
By the way, I was totally unaffected by this week’s blizzard – Whew!!! I went to Atlanta a few days earlier, and it even snowed on Christmas Day! Fortunately, NYC’s “Blizzard 2010” was right in the middle of my trip so while THOUSANDS of flights were cancelled because of the winter snow storm, all of my flight reservations were unharmed. Thank you, Goddess! 😉
Over the holiday I finally completed a new CASH FLOW PROJECTION for my company, and even did my WIBO homework for this week, so I’ll be able to catch up with some other things – such as the Rock Star Life Lessons podcast series!!!
I love the lull between Christmas and New Year’s Day. This is when I plant new seeds for the coming year! Watch out, World!
For more information about the Workshop in Business Opportunities (WIBO) course, visit WIBO.org