List of business entities Forms of business ownership vary by jurisdictionbut several common entities exist: A sole proprietorshipalso known as a sole trader, is owned by one person and operates for their benefit. The owner operates the business alone and may hire employees.
He signed an Exclusive contract for with a large company that licensed his art for clothing. It was a hit in Europe, and fat royalty checks were rolling in. He made so much money that he got himself a new wife and a nice little mansion on the beach.
For a few good years he lived the high life. That is until early One day, the checks just stopped coming. His European licensee went bankrupt. The money never returned. He lost his home. He was devastated financially.
He had to start over again. To learn about art licensing: He was very popular — it would have been so easy for him to sign up with a new company and do the same thing.
He legally could NOT do any more work in Europe because of two reasons: He inadvertently SOLD his name, trademarks and copyrights to the company that went bankrupt; and 2. He admitted to me later that he never bothered to have an attorney look over the lengthy contract the company had him sign.
Something like this is extremely rare, however, I never want to see this happen to you! I am not an attorney. But I do know a lot about art licensing deals.
When I consult artists on deal-making, I share my many years of experience but always advise them to talk to an Art Licensing Attorney for answers on contract law.
This information I share comes from years of negotiating deals with Licensees and clients and working with attorneys. My experience, mistakes and triumphs with deal-making has enabled me to help others with their contract-anxiety.
Sometimes the hardest part about being a creative entrepreneur is putting together the deals. There really is no one road-map to follow. Each contract is different from the other. But there are a few contract terms and concepts that are the same from deal to deal.
There are certain red flags to look out for in any contract.
Many companies are using outdated, antiquated language that no longer is used in the real world. In the end, most of your clients are going to want you to be happy, too. Once you get all of that down on paper, you hopefully never have to look at the contract again! And if you do, it usually means trouble.
Unless your business plan includes selling the rights to your art outright some illustrators do thisNEVER transfer your copyright ownership.
Retain ownership to all your copyrights.One-on-one online sessions with our experts can help you start a business, grow your business, build your brand, fundraise and more. I noticed that a lot of artists are looking for business plans.
I did some looking and it turns out there aren’t a lot of pre-made business plans out there for artists, so, I brought Jennifer Lee, author of Right Brain Business Plan, here .
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What's the point of a business plan for artists. Well it's easy to feel lost and directionless in this biz. But making a plan can put YOU back in charge. Artists – You Need A Business Plan!
The business planning process consists of four basic questions If you are serious about selling art and having a successful art business then you need a business plan.