There is no legal structure for partnership, though most partnerships will have a partnership agreement that sets out terms dictating the sharing of revenues, expenses and responsibilities.
If you intend to use a partnership name other than the names of the partners, you will have to register that name with the province in which you operate.
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Also talk about the sort of artists you might sign and the state of the music industry locally and in the nation at large. • How many people will you employ and when do they come onboard?
The proposal should cover:• What revenue split do you plan to enact with artists regarding album sales? • What marketing can you bring to bear for the label?If you are going to seek out funding or investment, you will need a detailed business plan to provide to any potential investors or lenders.If you’ve never written a business plan before, check out this free resource from the Business Development Bank of Canada: Business Plan Template.Master Plans is the best business planner for your proposal needs and has worked with several record label start-ups over the years.Call a consultant today for a free quote: 877-453-2011.The revenues and expenses of the sole proprietorship are accounted for with any other personal income or expenses you might have.For this business structure, you will have to register a business name if you intend to run your label under a name other than your own.It is also the most expensive business structure type to start and to keep going because of regular legal, accounting, and filing fees that you will incur when operating an incorporated company.From the Business Development Bank of Canada: Incorporation is a process in which a separate legal entity, owned by its shareholders, is formed.• Are there management team gaps you would want an investor to fill?The record label proposal also needs to show how you generate revenue and how that squares with ongoing expenses.