island sjoa
So me and a couple of my friends want to to start up this Dj business but which is fine with me but it sounds like they wanna cut conners on some stuff as
far as getting the right paper work together I believe that one of them has a business license ( possibility in his name only not the business) and they have
already gone to the point to creating an business account which I have not seen any papers of it yet!!!! they want me to go down to the bank and sign
some papers' . So after talking with them last night I really don't think that i'm going to be on the same page as them, reason is that their looking at this as
going big to the point where they want to to go to the top off the food chain as a career which is cool with me, but i intentionally picked this up as a hobby
with the intention of making a little side cash for my kids/ new toys but to me its sounds like they don't understand that their is more than just making up a
name and playing parties. so my question is what are the steps besides getting a business license to be a mobile DJ. their is three of us which i'm all digital
laptop and a controller , another one that is digital with time codes and cdj's and the other which is using cd's. the two of them are unemployed at this time
and I'm definitely not quitting my day job as a medical personal and trying to go out their looking . but as far as what is mention above what else do i need
to look into so i am totally legal on
my side. i am willing to part from them since i want to be totally legal so i don't have to worry about violating any laws and licensing issues.
Thanks in advance .
far as getting the right paper work together I believe that one of them has a business license ( possibility in his name only not the business) and they have
already gone to the point to creating an business account which I have not seen any papers of it yet!!!! they want me to go down to the bank and sign
some papers' . So after talking with them last night I really don't think that i'm going to be on the same page as them, reason is that their looking at this as
going big to the point where they want to to go to the top off the food chain as a career which is cool with me, but i intentionally picked this up as a hobby
with the intention of making a little side cash for my kids/ new toys but to me its sounds like they don't understand that their is more than just making up a
name and playing parties. so my question is what are the steps besides getting a business license to be a mobile DJ. their is three of us which i'm all digital
laptop and a controller , another one that is digital with time codes and cdj's and the other which is using cd's. the two of them are unemployed at this time
and I'm definitely not quitting my day job as a medical personal and trying to go out their looking . but as far as what is mention above what else do i need
to look into so i am totally legal on
my side. i am willing to part from them since i want to be totally legal so i don't have to worry about violating any laws and licensing issues.
Thanks in advance .
geposted Thu 27 Oct 11 @ 3:28 pm
dj e-rock
Hey man!
Just because they want to shoot for the stars and you want to keep your feet on the ground doesn't mean you can't work with them, and vice versa. I currently work with a company founded by 2 of my friends (with whom I had a company with a long time ago). I am the only one whose income PRIMARILY comes from DJing professionally, while they have "Day Jobs" and use the Wedding and Private Event income for extra cash and to make ends meet. However, all three of us have responsibilities that benefit not only the company but each other.
The first thing you want to do with these guys is sit down and talk. Set goals for the company and for yourselves. Create a mission statement - a set of principles that will guide the company (and employees) to delivering a consistent product (your services), and grow a successful, long lasting business.
In regards to the bank account, well, things can get tricky, but they don't have to. Depending on how well you trust them, you as a group can assign those responsibilities. You may want to consider an LLC, but I would talk to a lawyer, or search the 'net to learn more about that. For the banking aspect, having all the names on the accounts is good because any one of you can deposit or withdraw cash - but that is also where trust comes in. Know an accountant?
A benefit of doing so:
Customer A writes you a check for the wedding you've been hired to do. Now, Customer A writes the check to the company name instead of you. If you are on the account you can deposit or cash the check yourself. In my case I am not on the account, so I have to hand the check over to or mail it to the home office (my buisiness partner's house) and wait for him to mail me a check. If I were on the account I wouldn't have to wait...but I don't mind.
In regards to licensing, each state is different. Your company should have a Federal Tax ID number and a business license. You should have liability insurance, in case a speaker falls and breaks grandma's leg at a wedding. Again, each state is different, but the cost is low - lower than a lawsuit! PROTECT YOURSELF, as there are venues in my area that have you either show proof of liability insurance, or have you sign a liability waiver.
There certainly is a lot to think about when deciding to start your own company. It involves didication and hard work that at times, seems never ending, but the rewards are satisfying. Good Luck in your future endeavors!
-e
Just because they want to shoot for the stars and you want to keep your feet on the ground doesn't mean you can't work with them, and vice versa. I currently work with a company founded by 2 of my friends (with whom I had a company with a long time ago). I am the only one whose income PRIMARILY comes from DJing professionally, while they have "Day Jobs" and use the Wedding and Private Event income for extra cash and to make ends meet. However, all three of us have responsibilities that benefit not only the company but each other.
The first thing you want to do with these guys is sit down and talk. Set goals for the company and for yourselves. Create a mission statement - a set of principles that will guide the company (and employees) to delivering a consistent product (your services), and grow a successful, long lasting business.
In regards to the bank account, well, things can get tricky, but they don't have to. Depending on how well you trust them, you as a group can assign those responsibilities. You may want to consider an LLC, but I would talk to a lawyer, or search the 'net to learn more about that. For the banking aspect, having all the names on the accounts is good because any one of you can deposit or withdraw cash - but that is also where trust comes in. Know an accountant?
A benefit of doing so:
Customer A writes you a check for the wedding you've been hired to do. Now, Customer A writes the check to the company name instead of you. If you are on the account you can deposit or cash the check yourself. In my case I am not on the account, so I have to hand the check over to or mail it to the home office (my buisiness partner's house) and wait for him to mail me a check. If I were on the account I wouldn't have to wait...but I don't mind.
In regards to licensing, each state is different. Your company should have a Federal Tax ID number and a business license. You should have liability insurance, in case a speaker falls and breaks grandma's leg at a wedding. Again, each state is different, but the cost is low - lower than a lawsuit! PROTECT YOURSELF, as there are venues in my area that have you either show proof of liability insurance, or have you sign a liability waiver.
There certainly is a lot to think about when deciding to start your own company. It involves didication and hard work that at times, seems never ending, but the rewards are satisfying. Good Luck in your future endeavors!
-e
geposted Thu 27 Oct 11 @ 4:34 pm
island sjoa
Thanks for our input. I guess I'll just take it one step at a time. Its just cuz they all wanna go on a hand shake except me I've been screwed one to many times that's why I want to have a contract. So say if the license the one guy has if it's his personal license doesn't cover the rest I wanna say its a previous licences from washington and now were here in Vegas now. I just don't want to get audited form the IRS cuz things wasn't done right. These are ppl from my culture and they are know to be shady I'm. Of saying them but with not having jobs and a family I don't want to here hey bro I need to get my kids something but I'm broke I'm gonna use some of the money from the business account. But I'll put it back when I gig a again. And they want to split profit so for example I don't mind putting money into the account (by the way we agreed on 20%) but when one gigs one or all of us have to try to make it to help out honestly my set up I can put it up by my self so if this is a 400 dollar gig and one of them show up to help now it's a 200 profit and if the third shows it's a 135 profit so now being at a gig for whatever time 4+ hrs is a waste of my time cuz we all use different set ups.
P.s I'll add more when I get off from work. Just wanted to see what the community thoughts are.
P.s I'll add more when I get off from work. Just wanted to see what the community thoughts are.
geposted Thu 27 Oct 11 @ 8:52 pm
Tear Em 'Up
As I've often stated on these forums. Seek qualified, local, professional, legal advise. Do NOT take anything for granted as "understood". Draw up every imaginable outcome, and expectation and, PUT IT IN WRITING! My personal favorite quote is "the only stupid question is, the one you don't ask".
geposted Thu 27 Oct 11 @ 9:03 pm
GadgetMan
At the end of the day it comes down to trust. Do you trust these guys...?
Having been a DJ in this area for 11 years, I have got to know many of the club and mobile DJ's in the area. However there are only a handful I would trust and visa versa...
We work together just not under one name. We all take our own bookings and if we're already booked on that date, we don't say no until we've checked with each other. All of us have at least one residency and we will ask eaxh other to cover before asking the management to book someone else.
But most importantly, any booking I take from one if their gigs goes to them first. If they specifically ask for me, then I voluntarily give the other guy a small 'finders fee'.
I know this won't work for everyone, but it works for us and has helped us all out on many occasions. Joint bank accounts, shared businesses - especially when you all have different agendas - is likely to be doomed (IMO).
Suggestion: Let them start the business and offer to be a contracted DJ. No obligations, first refusal on any work they offer and no commitments. They may take a cut of the fee, but that's just the same as any booking agency.
Cheers,
Roy
Having been a DJ in this area for 11 years, I have got to know many of the club and mobile DJ's in the area. However there are only a handful I would trust and visa versa...
We work together just not under one name. We all take our own bookings and if we're already booked on that date, we don't say no until we've checked with each other. All of us have at least one residency and we will ask eaxh other to cover before asking the management to book someone else.
But most importantly, any booking I take from one if their gigs goes to them first. If they specifically ask for me, then I voluntarily give the other guy a small 'finders fee'.
I know this won't work for everyone, but it works for us and has helped us all out on many occasions. Joint bank accounts, shared businesses - especially when you all have different agendas - is likely to be doomed (IMO).
Suggestion: Let them start the business and offer to be a contracted DJ. No obligations, first refusal on any work they offer and no commitments. They may take a cut of the fee, but that's just the same as any booking agency.
Cheers,
Roy
geposted Fri 28 Oct 11 @ 2:43 am
dj e-rock
TearEmUp,
You know, I woke up today thinking I should have started my post with that haha!
You know, I woke up today thinking I should have started my post with that haha!
geposted Fri 28 Oct 11 @ 3:52 pm
island sjoa
I wanted to ask which I forgot to mention in the begining, do I need any licsencing thru any music company so I won't get in trouble by the record labels? Also thanks for the advice guys I think I'm going to go on my own with this I don't want to have to think that I have to be committed to another job I rather have the piece of mind that I don't have to worry about money issues and if something shady happens I don't have to sit their and argue with anyone. I'm gonna research my state for the proper licenses I need and move one by myself.
geposted Sat 29 Oct 11 @ 11:59 pm