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Income Tax - You will pay taxes every year to the federal government. The amount you will pay depends on the type of company your record label is. Sole Proprietors use "IRS Schedule C, Profit or Loss from Business" form and 1040 form. A sole proprietor pays no business tax. Partnerships need form 1065 and the schedule K-7 form. You must pay taxes as soon as you start making income. The payments are made quarterly starting from with the first due dates from the first two quarters being January 15th and April 15th.

LLC - One or More person owns the label, profit share is determined beforehand

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