Questions about CA dispensary set up

[great420]

I have some questions about setting up a dispensary in California.
Setting up as a non-Profit. I have read that setting yourself up as a 501(c)3 is the wrong thing to do. that you should set up as a corp and function as a not for profit, is this the best approach?

Paying myself and others that provide services to the collective. I'm willing to take on the risk, fund the collective and deal with the headaches associated with it, what is considered fair pay? does the IRS have a doc that covers this aspect.

Providing services to the collective, I have a partner that may provide services to the collective. can he do this and be on the board of the company? what is hte best way to set this up so he can provide services in the future when we get going?

great420 Reviewed by great420 on 05-06-2010. Questions about CA dispensary set up I have some questions about setting up a dispensary in California. Setting up as a non-Profit. I have read that setting yourself up as a 501(c)3 is the wrong thing to do. that you should set up as a corp and function as a not for profit, is this the best approach? Paying myself and others that provide services to the collective. I'm willing to take on the risk, fund the collective and deal with the headaches associated with it, what is considered fair pay? does the IRS have a doc that Rating: 5

[Gelco1990]

Hi there,

Your best method is to incorporate. Not only for liability reasons but tax reasons as well. You could set up a LLC which is very easy to do.

As far as your salary is concerned....the IRS will want you to fill out a 990 (i believe thats correct) if you pay yourself more than 50,000 a year.

There is plenty of red tape as you can see regarding the finances.

if youd like to discuss this further....email me at: [email protected]

I Hope to hear from you!