Thread: New Member. Startup questions

So I have an LLC here in the state of Texas. I have a website I will be openning soon and currently looking for an accountant.

The website will allow approved musicians to use our site as a service to sells their audio clips. We would sell the non-exclusive rights to use the clips in commercials and compositions.The audio clips can be sold over and over again with no exclusivity because we are only selling the non-exclusive rights to them. All revenue will be split 50/50 with the musicians and all transactions will be made via paypal, amazon payments and google checkout. Payments to the artists will be made every quarter and will be sent out via check.

So my questions are:

1: What is the best way to classify the monies I am paying out to artists? For example would it be best to classify them as royalties or something else? With royalties there is something called the FDAP which is a 30% withholding which seems like alot IMO.

2: Would quickbooks be the best software to go with considering I am using online payment services exclusively?

3: Would I be required to send out W9's to all of my sellers?

Thanks so much for your time.

~JOn

I would recommend that you talk with someone that is a tax/account expert. Sounds like you might need one anyways when the business really takes off. Our business started out small but over the years it has really taken off, thank goodness! Anyways its so hard to know exactly what to tell you with out knowing all the information. You would be surprised how small pieces can play a large part when dealing with this sort of thing. I used to try to tackle all of our tax and accounting needs but it just got to be way more than I wanted to get involved with. I use Plante Moran now and have for some time, might want to check them out http://www.plantemoran.com/services/...ages/home.aspx Not sure where you are located but if there isn't an office near I'm sure they can assist you in finding the information you need. Good luck!

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