Split sheets are an important part of protecting yourself from lawsuits. Picture this: You're in the studio, hanging out with friends and recording a song. Next thing you know, your bro comes up with an awesome addition to your song and gets on the track. You make it big and your bro is feeling kind of jealous and left out. He wants a piece of the cut. He sues you because you don't have a split sheet. You don't have it defined, who gets what percentage. So, you've lost a bunch of money on lawyer and court fees, you end up having to pay a split and lose a friend over it. Do you want that?