Structuring your business is not as hard as you may think. In fact, it can be done in a very short amount of time without spending a lot of money. You’ll want to follow these steps to make sure you don’t hit any annoying roadblocks down the line with things such as banking and credit card processing.
Name Your Company
Your brand’s name is everything! You need to make sure you choose a name that’s easy to remember, differentiate yourself from all of other CBD companies. Your name needs to be able to withstand the test of time.
Study your competitor’s names to get a better idea of what or what not to name your company. Avoid using words like “Hemp”, “CBD”, “Cannabis”,”Canna” or any similar words in your name. You’re going to put your company in a box and not stand out as much. You could also run into issues with getting a bank to let you open up a business account. More on banking later on in this chapter.
Once you have your name, you’ll want to trademark it. Check the U.S. Patent and Trade Office for any marks on your chosen name. If there aren’t any, it is best that you contact a Patent Attorney. If you find that your chosen name has a mark, then you’re shit out of luck. Choose another name so your can avoid any lawsuits down the road.
Take a day or two to think on it. Also ask your friends and family and get their opinions on a name.
Set Up Your Business Entity
- Visit your Secretary Of State's website
- Legal Zoom is a great option!
- Speak with an attorney
Receive Your Employee ID Number
- Apply for your EIN online
- IT'S FREE!
Purchase Your Corporate Domain And Email Address
- Use a ".com" preferably. Do not use @gmail.com, @yahoo.com, @hotmail.com
- Use SiteGround, G-Suite, Host Gator, Blue Host, or GoDaddy
- Example: "firstname.lastname@example.org"
Set Up Business Bank Account
Bypass a bank all together and find a CBD friendly local credit union.
Documents needed to open your CBD business account:
- Articles of incorporation/ organization
- EIN number
- Operating agreement
- Visit Law Depot For A Free Operating Agreement
WARNING: BE CAREFUL ABOUT MENTIONING YOUR CBD BUSINESS TO YOUR BANK. THEY MIGHT TELL YOU TO TAKE ALL OF YOUR BANKING ELSEWHERE.
Business Phone Number
Use Google Voice for a FREE business phone number.
- FREE real phone number from Google
- You can send text, phone calls , and voicemail
- You can also use with your current smart phone
If you're starting an E-Commerce business, you can purchase a virtual business address for as little as $10/month.
Below are four listing services to register your business for.