I think record companies tend to work on a renumeration basis per recording sessions now.
The company would then own the copyright of those recordings and pay the artist royalties on the sales. They could be sneaky and slip in ways to 'water down' these royalties such as packaging reductions.
Of course, you can follow the route of some modern bands and try to use sponsorship/product endorsement as a means of funding your activites and avoiding excessive debts to various associates..
Nataly Dawn is being sponsored by hyundai on her tour I think...they provided her with a couple of nice cars to drive around in and I think are paying for hotels...
A management contract would typically have the manager taking a percentage commission of your earnings. If you are wise, you would make sure your money is going straight to an accountant and he takes control of dividing up the money, rather than letting all money go through the manager..
I suppose record companies working on a renumeration basis also prevents managers from taking hefty checks out of an advance
These so-called 'lean times' depend upon your perspective...