ARTIST MANAGEMENT
In the past there only have been a few artist managers who were able to influence and change the business of popular music. This is mainly because artist management requires a variety of skills, which some people say one has to be born with. Some examples of such, most importantly people skilled individuals, are Colonel Tom Parker who managed Elvis Presley, Don Arden (Small Faces) and Brian Epstein, famous for his involvement with The Beatles. The biggest challenge for the artist manager lies in balancing his business acumen and mainly financial interest with the artist need to express his or her own creativity. This paper aims to describe how to best achieve this difficult task.SETTING UP OF AN ARTIST MANAGEMENT COMPANYAs mentioned above, it is the artist manager's responsibility to set up his own framework of doing business and very often he is also involved with the setting up of the artist different businesses. Such examples are own publishing companies or often at later stages own labels. This way business transactions between the manager and the artist and other involved parties, e.g. record companies, are possible and can be made relatively secure. Because the artist manager will not have the tim
At later stages an office will usually be rented out, especially when the business is registered as a Limited Company. The management company would also receive a VAT registration number, which is important especially when making business transaction with companies located abroad. uk outlines the following legal requirements for limited companies:u Annual General Meetingu Approved Memorandum and Articles of Associationu At least one shareholder (PLC two)u Certain number of sharesu Company name on stationary and outside the office buildingu Company registration numberu Diary of Directors' Meetingsu Minimum of two office bearers including director and secretary (PLC three)u Registered addressu Share capitalu Submission of annual accountsu Submission of Annual Return with names/details of Directors/ShareholdersRAISING FINANCEThe best advice is to start small. Public limited companies or so called PLC need a minimum share capital of L50,000. The same rule applies to business cards and even emails sent. Partnerships are not legally separated from their own as for example limited companies, which will be discussed later. It is not always easy to find the best solution between cost saving and accessibility. If the sole trader misses the deadline for the registration of the PSE1 form the relevant authorities can fine him. As mentioned the main advantage of this form of business is that the manager does not have to share his profits and has the freedom to make all the relevant management decisions. Furthermore there are certain rules and regulations enforced by the European Union for a maximum forty-eight hour working week and eleven hours break between shifts. Furthermore sole traders have to submit their accounting transactions in form of a standard annual financial reporting sheet to the Inland Revenue (possible now via the Internet). THE ARTIST MANAGEMENT AGREEMENTIt used to be common that artists and their managers worked together without any legal agreements at all, but due to the fact that relationships between people are often changing, artist managers tried to secure themselves by presenting artists with a contract.
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