Posted on April 12, 2019 @ 06:37:00 AM by Paul Meagher
I am hoping to host a musical event on my farm property this summer, August 17th to be exact. I have never dealt with hiring musicians before. The time has come, however, to start making solid commitments if the event is to take place in August. Given that our farm is a partnership structure between me and my wife, it make sense to me to think about offering a partnership with the musicians.
Here is the email I sent to one of the musicians who I feel is a leader among the musicians who might perform.
One idea would be a partnership business structure among musicians and the owners of Big Belle Farm, me and XXXXX.
All proceeds would be shared according to a percentage structure after agreed upon costs. A third band of equal caliber could be another partner in the venture.
Big Belle Farm can front alot of the sound equipment costs and other costs and pay artists a guaranteed income to perform.
All revenues would come from Ticket Sales, Food Sales, Merchandise Sales, Vendor Fees, etc...
Alternatively, I can pay musicians their requested fees to perform and manage this event exclusively under the Big Belle Farm partnership.
The musicians have alot to offer, but my farm as a venue also has alot to offer so a partnership makes sense to me.
The Partnership Business Structure is one of the three main classes of Business Structure with Sole Proprietorship and Incorporation being the two others. The Partnership Business Structure can be used to get things done in a way that spreads risk and fosters a joint effort to succeed.