I am a musician, I want to sell the rights to my music

There are two main options in which forms a musician can work:

• A natural person is an entrepreneur who carries out activities under the simplified taxation system;

• Legal entity (LLC) that can work both on the general taxation system, when the music band has a high level of earnings and significant current expenses, and on the same simplified taxation system.

It is not possible to single out one form over another. Each has its advantages and disadvantages.

For example, one of the disadvantages of LLCs compared to FOPs is a more complicated registration procedure. You need authorized capital, prepare a package of documents, such as a charter, protocol, order, etc. The legal address at which the LLC will be accounted for is mandatory. It can be the address of one of the founders or you need to rent an office. Also, FOP can get profit "on hand". He can withdraw all funds that come to the FOP account, and there is no need to report on them. The main thing is to pay taxes and submit reports on time. Also, it is much easier to close a FOP compared to an LLC.

Undoubtedly, the LLC has its advantages. For example, an LLC can have an unlimited number of founders. Also, the advantage of an LLC is that you risk only the assets of the company, and not your own property.

This is just a short list of advantages and disadvantages. For a more detailed consultation, contact me, I will be happy to help.