![]() If the size of the business warrants it, an outside fractional CFO may also be appropriate, a business banker for day to day banking, cash management and credit card processing, an insurance broker to manage multiple needs, a payroll processor and other consultants as necessary [Once again, please note that the focus in this article is on accounting, tax, regulatory compliance and indirectly licensing. The core team must include law firm with cannabis industry experience, a firm of certified public accountants, a firm or individual freelance “generic accountants” and “bookkeepers” that are under the direction and supervision of senior company executives and the outside CPA firm. Small Securities Exemptions provided in Sec. The core team of advisors should be selected, the composition of which will vary according to the size, nature and operations of the business. Īs we dive into the formation and operation of a cannabis business, we need to make a shameless plug for an article that is about how we think our clients can make the best use off our services. While there are certain items that are unique to California, the basic pattern is the same in many other state. Let’s see if we can provide an example of how we approach a group of promoters that have decided that they want to form, capitalize, license and operate a cultivation operation and a companion cannabis extraction operation in California. We have defined the roles and skills of the participants in the financial and tax space for the legal commercial cannabis industry. We apologize for the way we build rigorous background in our articles, however, we believe that is part of their value as references for our readers. ![]() We have summarized the resources available to licensed firms of CPAs that are members of the American Institute of CPAs, the Private Companies Practice Section, the Tax Section, and various state societies. We add mention of Enrolled Agents noting that they are “Circular 230 Practitioners” many of whom, are or have been employed by the Internal Revenue Service, and may be skilled at “Tax Resolution ”. We have spent the past couple of articles reviewing the differences between “bookkeepers”, “generic accountants”, and “professional accountants”, the final phrase being limited to certified public accountants.
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