Page 2 of 2
Re: Project Studios and "Legitimacy"
Posted: Fri May 28, 2021 3:13 pm
by brownreasontolive
Sam_Scholten wrote: Thu May 27, 2021 10:00 am
However, I just looked it up and there's no national or provincial equivalent to an LLC in Canada, but there is for a sole proprietorship.
TL/DR: This is a question probably best left to a CPA
LLC no, but I believe you can have the equivalent of a Limited Liability Partnership in Canada.
Re: Project Studios and "Legitimacy"
Posted: Sat May 29, 2021 1:15 pm
by JustinBlack
I got my answer. I think this forum is very informative and people help each other.
Re: Project Studios and "Legitimacy"
Posted: Tue Jun 01, 2021 3:28 pm
by elisha wiesner
I have a decent basement studio. Nothing fancy but it's totally fine. I have recorded a bunch of stuff here for a bunch of different people. Shortly before the pandemic I decided that I was no longer going to record people that were't legit friends or my own bands but before that decision, I would somewhat regularly record bands here. I've never done anything in terns of being official. No website, no LLC, no write offs, no insurance outside of my homeowners policy, no studio name, no anything else.
Re: Project Studios and "Legitimacy"
Posted: Tue Jun 01, 2021 4:01 pm
by Kniferide
elisha wiesner wrote: Tue Jun 01, 2021 3:28 pm no insurance outside of my homeowners policy,
Yeah, if you own your home owners ins should be fine. I will say if you rent, you should have renters insurance of some kind, studio or not. Amazed at how many people that rent don't have insurance. It's crazy cheap.
Re: Project Studios and "Legitimacy"
Posted: Tue Jun 01, 2021 7:25 pm
by Adam P
I highly suggest getting a rider for your music gear on your insurance policy, especially if your gear is rare and/or valuable, or even if you just have a lot of it. Itemize things, record serial numbers when possible, estimate fair market value for replacement or get appraisals if necessary. It shouldn’t cost a whole lot extra to add on to a homeowners or renters policy.
Re: Project Studios and "Legitimacy"
Posted: Wed Jun 02, 2021 10:35 am
by losthighway
I've run a studio as a side gig on my property for ages. When I was a single 20 something I might have recorded 8-10 bands on my busiest year. I was always under the table.
It probably doesn't tie directly into declaring income and paying taxes, but neighborhood zoning laws are all different in terms of where you can or can't run a home business. I don't think the state/federal government would check in with the city, but all part of the red tape of legitimacy.
Re: Project Studios and "Legitimacy"
Posted: Wed Jun 02, 2021 11:21 am
by Mason
elisha wiesner wrote: Tue Jun 01, 2021 3:28 pm
I have a decent basement studio. Nothing fancy but it's totally fine. I have recorded a bunch of stuff here for a bunch of different people. Shortly before the pandemic I decided that I was no longer going to record people that were't legit friends or my own bands but before that decision, I would somewhat regularly record bands here. I've never done anything in terns of being official. No website, no LLC, no write offs, no insurance outside of my homeowners policy, no studio name, no anything else.
I like this option as well because it means I don't have to do anything
Re: Project Studios and "Legitimacy"
Posted: Thu Jun 03, 2021 11:46 am
by elisha wiesner
Mason wrote: Wed Jun 02, 2021 11:21 am
I like this option as well because it means I don't have to do anything
It has some advantages, this being the main one.