the space is 500 sq ft which breaks the rent into payments of $500 a month
Criminal Defense Attorney
You should create a sub-lease agreement or a contract that obligates the other users to pay rent or fees for services/studio use on a regular basis. This way you are protected and have some legal recourse if any of the users do not pay rent as agreed. The form you use will depend to some extent on whether your primary lease allows a sublet or not.
This answer is based on general legal principles only and is not intended to provide specific legal advice. This answer is for informational purposes only and does not constitute the formation of a lawyer-client relationship. Any reader of this answer should not make decisions based upon in without first directly consulting with an attorney in person.
I am unclear about your question. Are you and the other 4 all owners of the recording studio and share the rent or do the other 4 sublet space from you. If the latter, then my colleague answered your question accurately - you should have a sublease with the other 4 and get consent of the landlord, which is likely required by the lease for any sublease. However, I thought you were all partners in the recording studio when reading your question. If that is the case, then I think you are asking what form of entity you should be. I strongly recommend that you be a corporation (S-corp most likely) or a limited liability company (LLC). You should also have the lease assigned to that entity once it is formed. You should consult a tax advisor regarding the tax differences between the LLC and corporation as it impacts you and your partners before deciding which type of entity. Then you should retain an experienced business attorney to form the entity and to then be your advisor and assist with your business going forward.
This is very general advice, since I am not even clear on your question. If you would like to speak with me about your situation, please feel free to call me at 215-525-1165 x101. I am happy to speak with you further about it.
This response does not create an attorney-client relationship and is not intended to provide legal advice for your specific situation.