Skill Jobs Forum
Business World & Useful Network => Organization => Topic started by: arif on April 19, 2017, 01:07:31 PM
Who owns the equipment?
The equipment that the band owns should be listed on a spreadsheet and documented with photographs. For tax and business reasons, you need to retain receipts for the equipment as well as the proof of payment. You should also list the equipment's fair market value, the price that a buyer is likely to purchase it for. Under partnership rules when a member leaves your band, your band must reimburse that leaving member for a percentage of the value of the band assets, which includes band-owned equipment.
For that reason, you need to track how the band acquired the equipment, whether it is purchased by the band or donated by a member. Often when a band uses a member's equipment, it's not clear whether the equipment has been donated or whether it still belongs to the band member. If the band member is giving it to your band, then that member has contributed something of value and may be entitled to additional reimbursement if the member leaves or if the group breaks up.
Source: https://www.linkedin.com/learning/music-law-managing-a-band-s-business/who-owns-the-equipment