An LLC is a corporate structure and you will not be held personally liable for the company debts or liabilities because, similar to a corporation, owners have limited liability for the debts and actions of the LLC. LLCs were first created in Wyoming in and have become the preferred entities because LLCs are not bound by the same rigid rules of corporations and require no formalities such as corporate minutes to hold unless you filed an IRS form and you treat your LLC as a "C" corporation. Foreign persons will have to report individually the transactions. Form is an information return for tax purposes and after an LLC is liquidated, it must file a final Form as well as when adding members.
The plan can not only help you obtain necessary financing, it outlines your strategy for success in writing. Research Before you begin writing your plan, it is necessary to do extensive research on your industry, target market and competition.
If you plan to start a magazine publishing company, you will need to know what the state of the magazine industry is. What are the problems facing magazine publishers? How will your company thrive in spite of current industry challenges?
It is also important to research your target market. In the magazine publishing example, this would be your prospective advertisers and subscribers. What needs will your company need to meet in order to satisfy advertisers? What information need can you satisfy for your readers? Finally, you will need to examine existing companies offering similar products.
Make a chart of each competitor's strengths and weaknesses, then do the same for your prospective company.
Writing the Plan Although there is no exact formula for developing a business plan, most plans contain three main sections.
The first function of your business plan describes your business in detail. This includes a detailed outline of the products your company will offer, whether it is magazines, books or websites. How your business will function daily is also a part of this plan. Will you have employees?
Who will you use for printing and distribution?
The description of your business will also outline your company's competition and its marketing plan. Financial data is very important for every business plan, especially if you are seeking funding for your business.
This is the most difficult part of the business plan for many would-be publishers. A good financial section should include a current balance sheet, three-year sales and cash flow projections and a break-even analysis.
A business plan also requires a host of supporting documents. Tax returns for all company principals from the last three years and current personal financial statements are usually required. Resumes from all principals should be included.
Letters of intent from potential advertisers or suppliers can be included if you have them. In addition, if you have proposed contracts or media kits you can include them in your supporting documents.Every business benefits from smart business planning.
Check out these sample business plans for magazine publishers, newsletter publishing, video television production, magazine journalists, music recording producers, theatrical music producers, and other publishing and production related business.
Then use what you learn to write a business plan of your own. Mt. Hood Records music recording producer business plan company summary. Mt. Hood Records is a start-up home business that aims to become Portland's premier regional recording label. They will represent and promote local bands, produce, and distribute and retail music CDs/5(52).
The Publishing Business Plan – 7 Essential Elements. You actually become a publisher and open a publishing company. You go into the business of writing, producing, and publishing your own books.
To a certain extent, you also are responsible for distributing those books, or for finding a way to do so. This template can be expanded to. Jun 30, · After you’ve chosen a name for your music production company, you’ll need to register it with the Secretary of State’s office and get a federal tax ID, just as any other business would.
This Music Business Plan can serve as a starting point for your new business, or as you grow an existing enterprise. Download Free Version (DOC format) My safe download promise.
Getting Financing For Your Music Publishing Company. record company is that they will have a source of financing and administrative support to take their creative dream and business plan to a level that they may not be able to do by themselves.
check out the book Music, Money and Success: The Insider's Guide To Making Money In The Music.