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February 2, 2023 at 9:10 pm #109963
Now that we have provided you with some food for thought, it is at this stage that you should consider speaking to qualified professionals to help you understand the regulations around legal entities as well as all the entailed processes. When choosing a professional such as an accountant or lawyer, just as you would with a potential landlord, be open and honest about the fact you are starting a club and look to building a long term, mutually beneficial relationship with them.
Accountant
An accountant will help you with registering your legal entity with CIPC, in addition to the normal services they provide. Looking at your club as a business, with the help of an accountant, you will be able to clearly see the financial performance as well as where improvements can be made. It’s worth pointing out that there will most likely be tax implication whereby your club will be paying tax over to SARS in one form or another i.e. PAYE employee tax, company tax, VAT. We fully support this and it is a good way to show how a well-run club is actually beneficial not only to our communities, but our economy as a whole.To summarise here are some things to ask your prospective accountant:
Help with CIPC registration
Structure income and expenses
Employee payroll
Understand tax implicationsLawyer/Attorney
Having a good attorney in this industry is worth its weight in gold and we strongly recommend finding one who is willing to fight for your rights as a cannabis community member. Besides the obvious benefits, lawyers are also able to offer other services that most clubs would need at some stage or another, services such as:
Contracts i.e. founders agreements, employee contracts, grower contracts, lease agreements etc.
Proactively educating you on developments on cannabis laws.Advising on which is the best legal entity to use based on your needs and in accordance with the latest Companies Act.
Support Industry Services
Besides the lawyers and accountants mentioned, your club will need the goods and services from a wide array of other support industries. Fields of Green for ALL has cultivated a network of affiliate companies who have supported our legalisation journey for over a decade and we wholeheartedly advocate you use them. Our affiliates range from grow shops; seed banks; learning/training schools; packaging and many more. You can find them on our website, as well as speak to them directly on our Telegram Green Network Group.
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