When plumbers, landlords or dentists work together, they almost assign a lawyer to write a partnership contract that outlines what each partner is responsible for, and what they receive. Heck, even we have partnership contracts in place with the awesome companies we team up with. In the eyes of the law, a band is no different to a bakery – it’s a business entity that has money coming in and out, and you need to have a clear understanding how your assets and money is shared between your band members.
A band agreement is a simple document that outlines what each band member is responsible for, and what happens if things do go kaput. The purpose of the document is to make it clear how royalties and ownership of the band’s assets should be split amongst band members. By making this clear, fewer arguments will arise when the band starts generating megabucks.
If you need more convincing, our good friends at Avenant Law have written a guest post on our blog about why you need a band agreement, but either way – we’re giving away these band agreement templates for free so you really don’t have any excuse not to download one (that is unless you already have one, in which case *high five*)!