Module 4: Setting Up Your CBD Business Structure

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

    Missouri's Secretary Of State Example

    • Visit your Secretary Of State's website
    • Legal Zoom is a great option!
    • Speak with an attorney

    Receive Your Employee ID Number

    Internal Revenue Service

    • 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: "info@yourdomain.com"

     

    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

    Business Address

    If you're starting an E-Commerce business, you can purchase a virtual business address for as little as $10/month.

     Click Here to sign up for your Real USA Mailing Address

    Listing Services

    Clients and other professionals often search for reviews through listing services such as "Yelp". 
    Below are four listing services to register your business for.

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