Step two of forming a cannabis dispensary is to form a legal entity.
I needed to form an LLC or a caption for my cannabis dispensary.
This is so if my cannabis store is getting sued, I won’t be held personally liable. Yup, I definitely need to do that. So I had no clue where to start on actually forming this business. I realized that I am just a marijuana grower. I can tell you about soil, light exposure and how to properly cure cannabis. I know all about LED vs HID lights. I have no clue on what is the difference between an LLC and a corption. I also didn’t know how to form one. Thankfully there are experts in this field. I found a recreational cannabis consultant that had opened hundreds of cannabis dispensaries before. I had the money, I just didn’t know how to do the paperwork. The guy basically spoon fed to me how to do an LLC. He got me all set up, registered for state taxes and opened a business account and card for me. These were things that I haven’t even considered. When I imagined a dispensary, I was thinking about the products and people working for me. I was thinking all about the end result. The nitty gritty to get there is a lot of licensing and paperwork. Thank goodness I hired a gut to make sure I have considered everything and all parts of my dispensary are covered. I now have accurate and detailed accounts set up for tax season. That is something I never would have considered on my own.