Question...Record label

Hey everyone i have a question on record lable. can someone please tell me how it all works...like How do i get signed, what can signing do to benigit e, how can i use it to my advantage? does it promote me? could i get well known around my area? where is the best place to sign? what will i have to do or give up for it? could i get paid for it? i know i wouldnt go too far yet but i just wanna know for future reference.