Album Shares - Shareholder Agreement Question
As this is a large forum full of musicians, I'm hoping someone can shed some light on this stuff for me. Right now I'm a full member of a band recording our debut album. We are a 5 piece band, splitting any and all royalties from anything into 6 parts, and the main writer of a song will get 2/6 shares, or 1/3, everyone else getting 1/6.
We are based in Canada, and have registered the songs with SOCAN and CMRRA.
My question to you is, do we need a shareholder agreement for this sort of thing, or once it's registered for these things is it good enough? Am I missing anything?
Also, on the topic of agreements, would there be any other reasons that drafting up some kind of an agreement would be a good idea or a bad idea?
Any help or insight is greatly appreciated :)