QUESTION
What tax liabilities are incurred regarding a musical group?
Asked on Jan 31st, 2011 on Taxation - California
More details to this question:
What is the minimum amount of revenue a musical band must earn before it is liable for state and federal taxes? I'm am trying to determine at what point it makes sense to form the band into an LLC.
1 ANSWER
Bruce Givner
Establishing an LLC has more to do with (i) asset protection and (ii) operational issues (how do you split income? Who owns the name?) than it does with taxes.
As for state and Federal taxes, I would have to know what state you are in to give you an intelligent response.
Answered on Jan 31st, 2011 at 5:13 PM