India Artist Management Toolkit, Money Kit
If you are formally setting up your music career as a business, whether as a sole proprietor, partnership, LLP, or private limited company, this template captures your financial starting position on Day 1. It tells you what you are bringing in, what you owe, and what cash you have available to operate.
When to Use This
- When formalising your music career as a business entity for the first time
- When separating personal and business finances with a dedicated business account
- When onboarding a partner, manager, or investor who needs to see starting position
- When your CA asks for opening balances to start formal bookkeeping
Business Details
Opening Assets
Cash and Bank
EQUIPMENT (brought into business on Day 1)
Note: If you are bringing personal equipment into the business, value it at current resale price, not purchase price.
INTELLECTUAL PROPERTY (brought into business)
RECEIVABLES (money owed to you on Day 1)
Opening Liabilities
Owner's Equity (Opening Capital)
Opening Capital = Total Assets - Total Liabilities
First 90 Days Operating Budget
Plan for the first 3 months of business operations. This covers the period before income is predictable.
Business Registration Checklist (India)
Sole Proprietorship (simplest, most independent artists start here):
- PAN card (personal PAN doubles as business PAN for sole proprietors)
- Open a separate business current account (many banks offer free current accounts for proprietors)
- GST registration if turnover is expected to exceed ₹20 lakh/year
- Udyam registration (MSME) for free, benefits include easier bank loans, government tenders
One Person Company (OPC) or Private Limited:
- Register on MCA portal (mca.gov.in), requires a CA / CS
- Director Identification Number (DIN)
- Digital Signature Certificate (DSC)
- Company PAN and TAN
- Registered office address
LLP (Limited Liability Partnership, good for artist + manager pairs):
- LLP registration on MCA portal
- Partnership agreement
- DPIN for all designated partners
- Separate LLP PAN
Note: Most independent musicians operate as sole proprietors. LLP or Pvt Ltd is worth considering when revenue exceeds ₹25 lakh/year or when bringing in a formal business partner.
Free to use · Part of the Indie Music India toolkit · Updated September 2026