Cannabis investors and owners have no idea what they are getting themselves into when it comes to liability, their responsibility to the business, and personal exposure to debt.
You’re finally realizing your DREAM of running a cannabis business. Make sure that it doesn’t become a NIGHTMARE when the bills come due, the IRS comes knocking, or a lawsuit comes your way.
Key Protections That Cannabis Business Owners MUST Have:
- A FIREWALL between their Cannabis Business and their personal Real Estate and Brokerage Accounts (If You can get to your assets, then so can your CREDITORS and PREDATORS!)
- A personal POWER OF ATTORNEY that maps out your wishes if you should become incapacitated
- Two TRUSTEES who will step up to take care of your personal business if something happens to you!
A FIREWALL Between your Cannabis Business and Your Real Estate, Brokerage Account, and other Personal Assets
- Proper planning can protect your personal assets from your business debt
- Remember: your cannabis business cannot file for bankruptcy
- Much of your business debt is personal debt in cannabis, endangering your ability to provide for yourself and the people you love
- The volume of business debt in a cannabis business can total hundreds of thousands of dollars, which you personally will have to pay from your resources
- If you own a Cannabis Business, you really need to put your personal “stuff” in a trust so that your business liabilities cannot impact the people you care for and love.
- You can continue to use your assets and benefit from them -- but your trust owns them!
Continue to use YOUR assets and benefit from them
- Your trust owns the assets
- You direct the trustee to spend the money the way YOU want it spent
- Protect YOUR stuff from creditors and predators
Your Personal POWER of ATTORNEY
- You are NEVER too young to need a Power of Attorney
- If you suddenly become incapacitated, you need someone to act in your place
- Don’t assume that you have time to make arrangements in time
Two TRUSTEES -- You Pick Them to Carry Out YOUR Wishes
- Your Trustee and Co-Trustee are chosen by you
- If they don’t carry out your wishes, you can replace them
Running your DREAM cannabis business does not mean that you have to put your personal finances or your family at risk!
Speak to Paula Collins, Esq at Law Office of Paula Collins, PLLC about protecting your stuff and the people you love.