Bank account for a small touring band (music)

informalcranberry12

Myself and three friends are in a band, weve been going about 3 years and are now at a stage were making a bit of money off our ticketed shows. Were worried dually about where the money can go, as at present we take it in turns to take the payment from Skiddle/the venue and then divide up betwenthe 4 of us. I can't find exactly what kind of account would be best and who would supply this product?

I had a suggestion of a club account? I'm not sure we meet the requirements though. This does open up tax implications which I am also going to seek advice on in a separate thread!

retiredbanker1

In one word a Business account.

informalcranberry12

We're not registered as a business yet though as Im not sure ifs we need to be a sole trader or ltd company?

mybestattempt

I've seen your thread on the tax board.

It seems to me at the moment the band is a four person partnership and as well as opening an appropriate business bank account you need to have a written partnership agreement and to register the partnership with HMRC :

https://www.gov.uk/set-up-business-partnership

It maybe worthwhile taking some professional advice about preparing a suitable partnership agreement.

HillStreetBlues

https://forums.moneysavingexpert.com/discussion/comment/81858805#Comment_81858805

I'm not too sure about your counting.

informalcranberry12

https://forums.moneysavingexpert.com/discussion/comment/81858960#Comment_81858960

I can 100% guarantee all the band would not be interested in doing this. I'm leaning towards being 4 sole traders who stand on a stage together if we can do that.

mybestattempt

https://forums.moneysavingexpert.com/discussion/comment/81859233#Comment_81859233

I've suggested on the other board seeking specialist advice from the Musicians Union:

https://musiciansunion.org.uk/legal-money/workplace-rights-and-legislation/partnerships-for-bands-and-groups

EarthBoy

https://forums.moneysavingexpert.com/discussion/comment/81859233#Comment_81859233

In that case you'd need four business accounts; one each.

retiredbanker1

https://forums.moneysavingexpert.com/discussion/comment/81859233#Comment_81859233

Sorry but this would be a stupid idea - 4 sole trader who are not sole traders - bound to end up in tears but I suppose it might lead to inspiration for new songs for your set.