An established independent record label, Empire Record Label is situated in San Francisco, California. Ghazi Shami, who serves as the company’s CEO, established the label in 2010. Shami was reared in San Francisco after being born in Morocco. Ghazi worked as a music business executive and a technology entrepreneur before starting Empire. Before establishing his own company, he held positions at Warner Music Group, EMI, and Universal Music Group.
Successive musicians signed by Empire Record Label include Kendrick Lamar, Snoop Dogg, Tyga, and Fat Joe. The label is renowned for its distribution services, which enable unsigned musicians to upload their music to online stores including Amazon, Apple Music, and Spotify. Over 120 nations are included in the global distribution network of Empire.
You have a variety of options for paying yourself if you belong to a Limited Liability Company (LLC). Taking a salary as a company employee is one option. Distributions from the company’s profits are also available to you. The income and losses of the LLC are transferred to the members’ individual tax returns since the IRS views LLCs as pass-through entities. You must pay self-employment taxes on your portion of the profits as an LLC member.
Yes, you can deduct business expenses on your tax return if you’re a sole proprietor. Costs associated with running your firm are referred to as business expenses. Lease payments, utilities, office supplies, and advertising are a few examples of business costs. These costs can be subtracted from your taxable income, which will lower your tax obligation.
Being a sole proprietor has numerous benefits, but there are some drawbacks as well. You are individually responsible for your company’s obligations, which is a drawback. This implies that your personal assets may be at danger if your firm is sued or declares bankruptcy. Another drawback is that raising cash as a sole proprietor might be challenging. Because a sole proprietorship lacks a separate legal organization to safeguard their investment, banks and investors can be reluctant to lend money to it.
The cost to register a copyright for a record label will vary depending on a number of variables, such as the type of registration you select and whether you hire an attorney or do it yourself. The standard fee for registering a copyright is $85 for paper registrations and $55 for online registrations. The costs may be greater, though, if you want to register several works or if you require expedited processing. If you decide to hire a lawyer, the price will vary according to the intricacy of the registration process and the lawyer’s hourly rate.
In conclusion, Ghazi Shami, who serves as the company’s CEO, oversees Empire Record Label. You can pay yourself as an LLC member through a salary or distributions. Although sole proprietors are personally liable for their business debts and could have trouble raising money, they are able to deduct business expenses. Depending on the registration type and whether an attorney is employed, copyrighting a record label can cost a variety of amounts.
Two artists can indeed share the same name. But it can cause misunderstanding among fans and in the business. It is advised that artists pick unusual names or add a distinctive element to their names, such as a middle initial or a different spelling, to prevent causing misunderstanding.