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Highlighted questions is the most important questions.
Law for the Entrepreneur
L. Londell McMillan Case Study Questions
1. What are Prince’s alternatives? What are the pros and cons of each?
2. What factors should McMillan take into account when advising Prince?
3. If you were head of one of the major recording labels, would you be interested in
signing a deal with Prince? If so, on what terms? If you were Prince, would you
agree?
L. Londell McMillan In-Class Discussion Questions
1. Why is Prince considering going back to one of the major labels for
distribution of Musicology?
2. Identify the four services the major record labels offer artists? Discuss each
service and why they are vital to artists.
3. For providing all these services to artists, what did music labels take in
return? How did they make their money back?
4. What was happening to the music industry at the time Prince wanted to deal?
5. If you were head of one of the major recording labels, would you be
interested in signing a deal with Prince? Why? What does your label have to
gain and/or lose?
6. If you are interested in signing a deal with Prince, what terms do you offer
him?
If you were Prince, would you agree to these terms? Why or why not?
7. If you were McMillan, what factors do you take into account when advising
Prince, and what would you advise Prince to do with respect to negotiating a
deal with the labels given Prince’s history with record labels? (Consider:
Does Prince need all the services provided by labels?)
8. Discuss the nature of recording contracts between artists and recording
labels. Consider: are these contracts arms length bargained transactions or
are they one-sided in terms of who holds the power and why?
9. Does the record label owe a fiduciary duty to the artists that requires
obligations greater than those stated in recording artists contracts? Argue
from the perspective of the label vs. the artist
10. What qualities should an entrepreneur look for in a lawyer and why?
