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| Five Resolutions To Save Money This New Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| There is an important psychological window of opportunity during the first few months of the new year. It's the best time to get motivated with new plans to achieve new goals. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| These five resolutions are drawn from common situations I've seen clients get into over the past 20 years. Keep as many of these resolutions as you can and you'll find that it will be a lot smoother to achieve success in your business and career. And at a lot less cost. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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I'm going to schedule a consultation
as soon as possible Two years ago, I
visited my doctor for a routine physical examination. The
short time I was there literally saved my life because a cancer
was detected (and later successfully treated). If
I had put it off, there was no doubt that the cancer would have
spread and that I may not be here now to write this article. |
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| That's why, even if they feel fine, most people also visit their dentist and optometrist at least once a year for check-ups and an opportunity to have their questions answered. Even your car has to get a tune-up and inspection periodically. The same is true with law. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Clients who schedule periodic consultations find that these "legal audits" help avoid problems and save money. And when a problem does come up, I am better able to protect their interests efficiently and cost-effectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| When clients wait until they realize that they can no longer avoid hiring me, they run the risk of becoming dissatisfied with the "rush" job that now has to be done. Of course, as with medical emergencies, sometimes a client can't plan for an unexpected visit to my "emergency room." | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Scheduling a consultation with me will probably not save your life. But it could save your business, your career, your intellectual properties and your financial well-being. For more information about consultations, click here. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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I will have my business legally filed In New York and many other states, if you are the sole owner of your business, you are required to file an assumed name certificate in the county in which you're operating. If the business is owned by you and your partners, then a partnership certificate has to be filed. |
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| On the other hand, you may want to have your business filed as a corporation. The biggest benefit of incorporating is that it limits your personal liability. This protection is especially critical in the entertainment industry where lawsuits, breaches of contract, and infringement claims are frequent. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| If you're not incorporated (i.e., you're a sole proprietor or in a partnership) and someone sues your business, all of your personal assets are at risk -- such as bank accounts, a house or car. If you are incorporated, however, your company gets sued and only the assets of the corporation are at risk. Your personal assets cannot be touched (though there are exceptions to this rule under certain circumstances). For more information about business formation, click here. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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I will put all my business relationships in writing
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| Written contracts are not just for when you're involved in a big money deal or when the other party is a stranger or an established corporation. You still need a contract even if you have the utmost love, peace and understanding. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Why? Because memories fade and, as time passes, minds tend to unintentionally revise recollections of the past to suit that mind's best interests. "Did we agree I would get 12% at the second year if gross income exceeds $55,000, or did we agree that I would get 15% at the third year if gross income exceeds $120,000?" Why guess and get into a fight? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Some other reasons for getting it all in writing include: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| > before feeling confident about doing business with you, other parties may ask to see your agreements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| > certain verbal agreements cannot be enforced | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| > an agreement drafted by an attorney will cover many more business terms than what you could possibly think of when agreeing orally | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| > the very process of having a document professionally drafted and formally signed makes the commitments that much more important to the parties -- i.e., agreements are less likely to be breached when they are written than when they are verbal. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The cost of having a contract professionally drawn up will rarely exceed the cost of the legal hassles you'll face as a result of your oral agreements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partnership agreements, shareholder agreements, and agreements between actor-agent, artist-manager, artist-producer, talent-corporate sponsor are among some of the many relationships that require professional legal representation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| But perhaps most important to have are agreements between creative people before going into a studio -- songwriters, actors, producers, directors, musicians, singers, etc. I can't tell you how often I've seen people get into a messy copyright dispute because they got lost in a creative frenzy before discussing and agreeing to the working and business relationships. For more information about contract preparation, review and negotiation, click here. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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I will get all of my creative works legally protected
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| Trademark law -- and not copyright law -- can protect the name, logo or symbol of your business or performing group. You can get a trademark in the state in which you do business or, if you do business in more than one state, you can also get a federal trademark. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| If you have a copy of my book, Make Music, Make Money, then you will know that mailing a copy of your work to yourself essentially does nothing. This is the so-called "Poor Man's Copyright." If anything, it can bankrupt you. Re-read pages 21-23 for a comprehensive explanation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The same is true if you file a copy with any guild or with any organization of which you are a member. It is no substitution for having your work legally filed. For a money-saving list of the reasons why, see pages 16-17 of Make Music, Make Money. For more information about copyright, trademark and intellectual property, click here. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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I will pick a topic and try
to master it Success is more than just who you know. It's
also what you know. Pick a topic that you have
always felt uncomfortable with and resolve to spend the year
trying to master it.Music publishing is an area that many people struggle with. Get a copy of my workbook, Make Music, Make Money, and get a handle on the basic concepts. If you prefer to learn by listening, audio CDs are available for several topics covered by the workbook. |
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Had another topic in mind? Then
visit The Music Mogul's Library. There
you can read my reviews of dozens of books that I think will
help you to "learn more to earn more." Purchase books from my list and Amazon pays a small referral fee back to The Circle, which helps the meetings to continue at the lowest registration fee possible. |
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| Speaking of which, try to consistently attend The Circle meetings with your friends as an additional way to boost your knowledge as well as your contacts. Why re-invent the wheel? Learn from the first-hand experiences of my guest speakers, from my legal presentations and from others in attendance. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Have questions about any of these resolutions? Want to kick off the new year by getting your house in order? Now is the best time to tie up loose ends and to get those nagging questions and worries out of the way. E-mail me about setting up a consultation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Not sure yet? Have
questions about the fee or services? Email-me to arrange for a free confidential telephone appointment to get more information. |
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> invited
to The Circle,
I don't care if the other party is
your identical twin, best friend from childhood, spouse or lover:
all agreements should be in writing. "But we
trust each other," you cry. You'll cry even more when a
dispute arises and you haven't got anything in writing to guide
its resolution, be it in or out of court.