10 Things to Consider When Starting Up a Cannabusiness

1. A company name that gives you room to grow and expand your product line.

2. Where will the business be located? Will the landlord be 420-business-friendly? Your local legal restrictions vary so check before you set up shop.

3. How will you do your banking and pay the bills? Federal law generally prohibits banks from working with companies that buy or sell marijuana, so options are limited. How will you manage security and accountability for the cash changing hands?

4. What does the law require at your physical location? Opaque windows for pot shops, video cameras and video storage for growers, a “quarantine area” for edibles before they are shipped out, or participation in seed-to-sale tracking systems?

5. How will you share the news about your new business? State laws generally prohibit TV, radio, billboard and social media advertising, and advertising vehicles like coupons and event sponsorship are severely restricted.

6. How will you manage the tax implications? Taxes must be paid on all income, and most business expenses related to cannabis are disqualified from your deductions.

7. Will you hire employees who are experts in marijuana and what if they bring a related criminal record with them? Will you establish your company culture to accept employee marijuana use, but totally distinguishes that use and its effects from the workplace?

10 Things to Consider When Starting Up a Cannabusiness:

1. A company name that gives you room to grow and expand your product line.

2. Where will the business be located? Will the landlord be 420-business-friendly? Your local legal restrictions vary so check before you set up shop.

3. How will you do your banking and pay the bills? Federal law generally prohibits banks from working with companies that buy or sell marijuana, so options are limited. How will you manage security and accountability for the cash changing hands?

4. What does the law require at your physical location? Opaque windows for pot shops, video cameras and video storage for growers, a “quarantine area” for edibles before they are shipped out, or participation in seed-to-sale tracking systems?

5. How will you share the news about your new business? State laws generally prohibit TV, radio, billboard and social media advertising, and advertising vehicles like coupons and event sponsorship are severely restricted.

6. How will you manage the tax implications? Taxes must be paid on all income, and most business expenses related to cannabis are disqualified from your deductions.

7. Will you hire employees who are experts in marijuana and what if they bring a related criminal record with them? Will you establish your company culture to accept employee marijuana use, but totally distinguishes that use and its effects from the workplace?

8. Who will promote the cannabis industry interests? The legal marijuana industry is expanding with new “organizations, “and “associations” that claim to represent and promote marijuana interests. Without much of a track record, it’s hard to know which one to join and support.

9. Will your business remain legal? There remains a risk of prosecution under federal law regardless of state legality.

10. When will the big box stores jump in? Large drugstore chains, warehouse stores, cigarette companies and others are currently prohibited from entering the fractured market, but that could happen when the industry normalizes nationally and forces out small guy.

************************************************
Jeffrey Schneider, EA, CTRS, NTPI Fellow has the knowledge and expertise to help you reach a favorable outcome with the IRS. He is the head honcho at SFS Tax & Accounting Services as well as an Enrolled Agent and a Certified Tax Resolution Specialist.
************************************************
Now What? I Got A Tax Notice From The IRS. Help! Defining and deconstructing the scary and confusing letters that land in your mailbox. Jeff defines and deconstructs the scary and confusing letters in a fashion that mixes attention to detail with humor and an intricate clarification of what is what in the world of the IRS.

The book is available in paperback and eBook on https://Amazon.com
************************************************
For more on SFS Tax Problem Solutions, visit: http://sfstaxproblemsolutions.com/
************************************************
738A S Colorado Avenue Stuart, FL 34994
************************************************
Phone: 772-337-1040
************************************************
https://twitter.com/SFSTaxAcct/
https://linkedin.com/company/sfs-tax-problem-solutions
************************************************