Registering Quartet as a business?
So recently I helped to start a quartet for my university. However, the group members and I recently decided that we want to become a separate group outside the school as well.
My first question is, if we decided to do this-how would we register with the state of North Carolina as a business, and what business type should we register as?
The second question is, should we ask our faculty mentor for advice on how to start as a group-or would that get too messy?
Here are a couple of websites that might give you the info you need:
Take Julie's advice. Don't start a business. Remain independent contractors. For weddings and whatnot, one of you will serve as the prime contractor, and handle dealing with the customer and getting checks disbursed to everyone.
Just out of curiosity, how many v.com teachers/gig musicians have an incorporated business?
Why do you need to register as a business? You can play all the gigs you want to without any sort of registration. One of you needs to be the contractor for each gig anyway--you can designate one person to do this, or rotate the responsibility--the client makes the check out to the contractor and then the contractor pays the other group members. One word of warning: anyone paying the other group members will need to file 1099-misc forms for anyone paid more than $600 in a calendar year.
I teach lessons and play gigs as a significant part of my income. I'm not incorporated; I can't think of a single advantage to going to that much trouble.
After I retired as an employee I started my own business as a consultant. I spoke to a former work colleague who had done the same thing the year before and on his advice I spoke with his accountant. The conversation was so brief the accountant did not even charge me. I worked that consultancy for 15 years.
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