Congratulations on deciding to start your own business! It can be very overwhelming when deciding on how your taxes will be paid and other major factors such as the business structure. Our firm has broken down the most common types of business structures to help get you started.
Partnership- This structure is chosen when you and another person decide to share the responsibility for the business together. When a business is a partnership, the business itself does not get taxed. Each partner has to report any losses or profits on their own income tax return.
Sole Proprietorship- Commonly chosen due to the fact that one person will be operating the business. This person is responsible for any debts the business may encounter.
Corporation- The business itself can be held accountable for liability and is taxed normally. However, the main benefit of electing a corporate status is removing all personal liability from the equation.
Limited Liability Company (LLC)- Many people choose this structure type because the owners are not personally held accountable for the company’s debt or liabilities. The company is not taxed, just like a partnership.
Take the next step towards your dream of opening your own business by letting us be your business formation lawyer. Schedule a time for a one-on-one consultation with one of our attorneys when you call our firm at (708) 979-0614 today.
In our previous post, we talked about Illinois passed the Compassionate Use of Medical Cannabis Pilot Act in 2013, allowing patients with debilitating diseases to purchase medical cannabis. Medical cannabis is this is a growing industry, but the application to open a dispensary can be complex, difficult, and time-consuming. We’ve compiled a list of what you need to consider before opening a medical marijuana dispensary, and what steps you need to take to do so.
Security & safety plan – Before applying to open a dispensary for medical cannabis, the applicant must provide a detailed plan of how they will prevent theft from happening and how they’ll work with law enforcement on this. Additionally, they will also need to present a safety plan for products, detailing how they will be inventoried and tracked throughout the business.
Patient documentation plan – A strictly outlined patient documentation and keeping plan needs to be in place before you submit your application to open a dispensary. This part of the application process details how you’ll be tracking what medical cannabis is going to your patients and how much is going to them. In addition, this is also detailing what type of software or tracking system will be used and the procedures in place when employees are operating it.
Looking for an attorney who has experience in cannabis law? Contact our experienced team at McQueeney and McQueeney LLC for a free consultation today.
In early August 2013, the state of Illinois passed the Compassionate Use of Medical Cannabis Pilot Act. This allowed patients who have debilitating conditions and diseases to sign up with the Department of Public Health to use marijuana for medical purposes. If you’re thinking about opening a dispensary in the Chicago Land, IL area and are looking for details on this process, we’ve put together the important facts what you need to know before going into the medical cannabis industry.
Know your surroundings – If you have a potential dispensary location in mind, it needs to fall within certain guidelines. This includes not being within 2,500 feet of a pre-school, residential area, elementary school, and other noted facilities in the Medical Cannabis Cultivation Center Application. Consulting with a cannabis lawyer before looking for potential dispensary properties is crucial, as they are aware of all zoning guidelines and location map limitations.
Staffing guidelines– In order to apply to open your own medical marijuana dispensary with the state of Illinois, you need to have strict staffing guidelines in place before it’s approved. An employee handbook detailing business hours, production, sanitation, and theft prevention needs to be presented along with the application to the state. This also should include what criteria dispensary employees are hired on and what type of scheduling will be in place for the staff.
If you’re looking for a cannabis lawyer who can help to consult you through your medical marijuana dispensary application process, turn to our knowledgeable attorneys at McQueeney and McQueeney LLC today.