To LLC or Not to LLC - that is the ❓


WISDOM WEDNESDAY

PROFITABLE MUSICIAN WEEKDAY NEWSLETTER

September 18, 2024

To LLC or Not To LLC?

In this issue

To LLC or Not To LLC?


#1 Tax Tip For Musicians


Playlist-Worthy Music

I have seen a lot of musicians waste their money paying to become an LLC when they are very early in their career.

***Disclaimer*** The following are my opinions from my own experience. I am not a lawyer or a CPA:)

Here's your Wisdom Wednesday knowledge bite for today.

You don't need to pay to become an LLC unless you are:

Making a good deal of money and are considering forming an S Corp or some other tax sheltering entity

Or

Feel that what you are doing makes you legally vulnerable in some way such that you want to protect yourself. Although, keep in mind that the term LLC means "limited" liability so depending on what happens, it may still not fully protect your personal assets.

I'll be honest with you. I didn't even understand this topic for a long time. And really, I didn't need to until I started making enough money to make it worthwhile for me to consider forming an S Corp.

The point I want to make sure you understand is that an LLC is not a tax designation. Meaning...that you can be an LLC in the US and you still have to file as either a sole proprietor, a partnership or a corporation.

An LLC is a legal designation that offers you limited personal protection from what may happen in your business.

So what you DON'T need to do in order to start making money as a musician is to set up an LLC. At least not yet.

Right now, invest your time and money into building your business. You can cross that bridge when you come to it.

Always in your corner,
Bree Noble

produced in partnership with:

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#1 Musician Tax Tip

Watch this short video with a BIG tax tip on Instagram.

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Playlist-Worthy Track To ADD To Your MUSIC Library

New York City based singer-songwriter, Hannah Cranton "...is real. She's real to you, your dreams, your imaginations in love and tribulations...she is captivating with spearing lyrics she has sharpened through the forging of life experiences. Expressive lyrics like Hannah's relegates everything to second class." (Come Here Floyd) With an ability to span genres while still maintaining a cohesive sound, Hannah has, "captivated crowds with her transfixing voice and eclectic words.” (The Noise) Her music has been described as “clear, open and expressive”

ARTIST

Hannah Cranton


SONG

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