If you are developing writing assets or production assets or art your knowledge of Intellectual Property Law, communnications Law and Business Law should at least be basic. Today it is not an easy task to run a company. The IRS Code is complicated, Business Laws and litigation are complicated and your education in these areas might make a difference in your decision making.
Most artists need to be familiar with the Limited Liability Company or the LLC and understand that the LLC is governed by state law. This means that if you are reading this in Delaward, you laws and regulations may be different than Pennsylvania. You need to put all of the myths and misinformation behind you and get ready to manage your company and protect the assets that you develop.
You will also need to know the difference between LLCs, Sub Chapter S corps, Limited and General Partnerships and Corporations. When you develop an asset like a copyright you have to make a business decision. When a persons name is on the original copyright, it does not mean that they own the asset. Bear in mind that Intellectual Property assets are debt until someon is willing to invest or purchase them.
In Communications we spend far too much time analyzing our rights, even though it is necessary, and far too little time developing our skills. One of the skills focused on The Communications Journal will be the business of Communication.
Read About the Business of Writing
Right of Turnaround or Right of Reversion