The musicians held their first meeting in the rehearsal hall of the Teatro Real in December 1903, during which they decided on the name "Orquesta Sinfónica de Madrid". The orchestra was constituted as a private, autonomous company of musicians, which would rely initially on its members to supply the setup funds for its operations (including the purchase of furniture and hiring of rehearsal halls and scores). Subsequently, however, the orchestra would support itself solely with earnings from concerts and recordings. It would avoid any dependence on external agents, whether public or private, who might intervene in its operations and impose conditions on its members, a misfortune which had befallen the defunct Sociedad.