There are different types of business structure that can be utilised in the media and entertainment industry as because the entertainment industry is quite dynamic and challenging in nature. Each promoter in the entertainment industry should use the business structure they find to be most appropriate in addressing their business needs and to avoid he issues that will arise in the future. There are some business structures promoters could use in the entertainment industry to promote events and gain finance, like:
Partnership is the relationship that exists between persons carrying on a business in common with a view to profit. It involves an agreement between two or more parties to enter into legally binding relationship and essentially contractual in nature. According to Tindai CJ in Green v Besley (1835), partnership defined to be a mutual participation. One of the reason individuals or company should consider partnership is taxes because partnerships are transparent for tax purpose. This means that the partnership themself does not pay any tax on its profit instead each partner is pay tax on its share of the profit. There is also no joint liability for the tax liabilities of other partners.
There are two main types of partnerships are general and limited partnership. In general partnership, partners in the business will be personally liable for all business debts and obligations. If the business fails and doesn’t have enough money to pay its share of any debts incurred, the partners will be liable for the shortfall. This means that if a business not able to pay a creditor, they can lawfully come after their house, car and any other personal assets. Limited liability partnership is another form of partnersh...
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...hip. Joint venture is similar to a partnership, so the business will prepare the joint venture agreement that will exclude the joint venture from being treated as a partnership agreement. Because If they are treated as acting as a partnership they could be subject to unexpected tax and other liabilities. To avoid joint venture from being treated as partnership, joint venture agreement will place control of the daily operation of the business in the hands of an independent operator, who is appointed by each of the participants separately. Joint venture agreement also include an express provision that liability is several and not joint. It also ensures that assets are held separately, as tenants in common. One of the key indicators of a partnerships is profit sharing so contractual joint venture agreement will ensure that the arrangements are structure to avoid this.
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