It can be a bad idea if not done right.
I would suggest everyone agreeing on which equipment to buy, then start a band fund. You will want to be transparent, and let everyone in the band know what's in the band fund. It would even be a good idea to write up a contract. It doesn't have to be put together by a lawyer, just put in writing what happens to the money/equipment if someone quits. Do you buy out that person's share, or do they forfit theirs? If the band dissolves who gets the equipment/money? Do you sell it?
These are things to think of. Good luck.
I would suggest everyone agreeing on which equipment to buy, then start a band fund. You will want to be transparent, and let everyone in the band know what's in the band fund. It would even be a good idea to write up a contract. It doesn't have to be put together by a lawyer, just put in writing what happens to the money/equipment if someone quits. Do you buy out that person's share, or do they forfit theirs? If the band dissolves who gets the equipment/money? Do you sell it?
These are things to think of. Good luck.