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have over the other, as well the personal responsibility associated with each. Find the best structure that suits your business and, once all the appropriate paperwork has been completed, add the extension onto the business name. For example, Double J Family Farm and Greenhouse, LLC., is a limited liability corporation. Do not file for a LLC or S Corp until you have completed the legal name search as stated in part 3. It costs money to file the appropriate paperwork to become a corporation and if a legal name search has not been performed prior to applying for a corporation, it could be money wasted if you choose a business name that is already taken.
State ID Number, it’s gonna cost you and even more so if the business is an LLC or S Corp. Now it’s county time. Everything must trickle down, so why should the county be left out? Once the federal and state are out of the way, you need to register your business with the county. This step has to be done after obtaining your FEIN and State ID Number, as they are both required on the application. In order to successfully run your business legally, you’ll most likely have to obtain a business license and/or permit. Since every state is different in requirements, visit sba.gov to learn how to obtain the appropriate business license and/or permit for your cannabusiness.
Part 3: Legal search and registering
Now that the majority of the paperwork process is taken care of, determining a location and setting up and establishing a successful cannabusiness are your next steps. But in doing so, it is always in the best interest of a business and owner to retain an attorney, accountant and/or financial advisor. If a cannabusiness is your dream, be sure to have a copy of your state by-laws, know your rights and operate within the limitations of your state. Your cannabusiness will most likely be more accepted in a Cannabis-friendly community and never attempt to open up shop in an area that doesn’t either have state or medicaluse legalization. Good luck and may your cannabusiness prosper! S
Once a name and business structure is settled upon, a business name search and registration must be completed. Depending on the location, this will either be through the state, county or possibly both. A business name search elevates duplication and avoids potential litigation that can be brought upon by the original first named business. Now, after the search is complete, the business must be registered. To find out how to go about this process, visit the U.S. Small Business Administration website.
Federal & state identification numbers and business license Yep, more paperwork! Once the business name has been registered, it’s now time to apply for a Federal Employer Identification Number or FEIN. To do so, visit IRS.gov to fill out the application. Once complete, you’ll be able to print off a temporary registration while waiting for the permanent one from the IRS. Now you need to apply for a State Identification Number. This can be done on the state website where the business is located. Although obtaining an FEIN is free, when filing for a
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Small Business Administration website: www. sba.gov
SBA’s help page for writing a business plan: http:// www.sba.gov/category/navigation-structure/ starting-managing-business/starting-business/ how-write-business-plan%20%20 Internal Revenue Service: www.irs.gov
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