Band Partnership Agreements
For all serious musicians and musical groups, a band partnership agreement may be one of the most important contracts you ever sign. It is a contract agreed upon and binding on all of the members of the band and details the business side of the music industry so that you can concentrate on making music.
A band partnership agreement can determine and outline:
- Percentage breakdowns of revenue
- Ownership of musical copyrights, publishing rights, and royalties
- Ownership of the band name and/or logo, especially if not trademarked
- Distribution and sharing of responsibilities and/or management
- Ownership of equipment
- The effect on the band when a new member joins the group or an old member leaves
- Distribution of band assets if the band should break-up
New music groups are often comprised of friends playing together with a varying degree of determination. It may seem impossible in the early stages that the band might one day earn serious money, but musical acts make it big everyday. The garage band you are in now might one day play in front of thousands. Therefore, even though legal concerns seem distant, it is best for everyone in the group to sign a band partnership agreement early.
The topics listed above are only a few of the most common issues discussed in a band partnership agreement. The contract can be modified to perfectly suit your band's situation and needs. Finally, it is more affordable than you think. If you are a serious musical group, take this step to ensure that everyone in the group is protected and that the bumps in the road to stardom do not derail the entire project.