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Fundamentals of Business in Music

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Submitted By kpopik16
Words 1192
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Question 1:
Sole traders­ they run their business on their own, are personally responsible for it and can keep all of the business’s profits after they paid the taxes.
Limited company­ an organisation set up to run a business. It is responsible for everything it does. The profit it makes, minus the taxes, is owned by the company and can be shared. Every limited company has people or organisations that hold a share in it.
Business partnership­ in a partnership, all the business partners personally share responsibility for the business. The partners might share the profits between them and each of them has to pay tax on their share.
Franchise­ a business that functions independently under an already trademarked name.
Question 2:
Record company­ a company responsible for marketing music recordings. It signs contracts with recording artists and holds copyrights to the master recording.
Music publishing company­ signs contracts with songwriters and composers. It ensures that the creators of a composition or lyrics, who usually own the copyrights to their work, are paid every time their work is used commercially.
2
Management company­ acts as a representative of an artist in the business and oversees their career and business affairs.
Concert promoters­ companies responsible for organising live appearances and tours of an artist.
Question 3:
Accounting allows us to track and evaluate the status of a business and provides us with the support to make wise business decisions. Thanks to accounting, the owners of a business can control their finances and can compare their company’s results between certain periods and different businesses.
Question 4:
Users of accounts are any people who might be involved or interested in a particular business and its status, such as:
­Sponsors
­Investors
­Customers
­Employees
­Management
­Competitors
­Media
­Law

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