Ballz I need your advice or anyone

[Chuwantmybuffet]

So I started my local kratom thing and I have my product in one vape shop. I also have a few clients who buy from from me direct. At the moment I am working on a sole proprietorship and dba and all that stuff but building a reputation for my self. I’m buying wholesale and offering decent local prices, basically online prices without the shipping and I’m able to see a fair profit and still build my business and work full time. I do label my packaging this is a botanical specimen, this is not for human consumption and this is not to test any illness, diagnose, etc. when you said you have a local following is your business insured and all that stuff? Is that label enough to protect me from being sued? What is the best way of going about reselling kratom?

[Theanine]

So I started my local kratom thing and I have my product in one vape shop. I also have a few clients who buy from from me direct. At the moment I am working on a sole proprietorship and dba and all that stuff but building a reputation for my self. I’m buying wholesale and offering decent local prices, basically online prices without the shipping and I’m able to see a fair profit and still build my business and work full time. I do label my packaging this is a botanical specimen, this is not for human consumption and this is not to test any illness, diagnose, etc. when you said you have a local following is your business insured and all that stuff? Is that label enough to protect me from being sued? What is the best way of going about reselling kratom?

Protect yourself by labeling your products: "For Talisman/Ceremonial use only." Creating a Limited Liability Company at the State level is also advisable, as opposed to a simple DBA. Remember though, a Single Member LLC is indeed a Sole Proprietorship and will be treated as such, court precedent. Incorporating (S-Corp) would be a good option in this case. And, a commercial liability policy is advised. Also, if you would like to avoid collecting/remitting the State sales taxes, sell this as a nutritional supplement as they are 100% nontaxable. Of course, doing so opens you up to administrative responsibility or being sued by some idiot who got sick from your "supplement".

Those are just some general guidelines, of course there is much more, you should get a business consultation. Also, even though I'm a licensed CPA, Incorporator and a Financial Adviser, the above statement does NOT constitute legal advice and as such carries no legal weight, just shooting ideas here....

[BallzDeep9]

Is that label enough to protect me from being sued? What is the best way of going about reselling kratom?

All good questions, but it's a big subject and gets into business planning, legal advice, and status with your local situation in your state. Way too much for quick post on a Message Board, I'm afraid, sorry... My own situation, is based on state laws here & may not apply to you.

In addition to the good advice from Theanine I'd suggest you protect yourself with a LLC and also, by having all your business contact information separate from your personal home address & phone.. We're on the Internet here.. Your business is online, right? I have no comment about any Retail business or vape shop.. IF you're operating as a local supplier offering kratom through a website, be aware that you could be cutting local prices by half or more. Some of the Retail rip-off head-shop folks who sell ounces for $25 don't appreciate having their business cut in half. Protect yourself and setup all kratom business, completely separate from your personal. Good luck!!

[Theanine]

Is that label enough to protect me from being sued? What is the best way of going about reselling kratom?

All good questions, but it's a big subject and gets into business planning, legal advice, and status with your local situation in your state. Way too much for quick post on a Message Board, I'm afraid, sorry... My own situation, is based on state laws here & may not apply to you.

In addition to the good advice from Theanine I'd suggest you protect yourself with a LLC and also, by having all your business contact information separate from your personal home address & phone.. We're on the Internet here.. Your business is online, right? I have no comment about any Retail business or vape shop.. IF you're operating as a local supplier offering kratom through a website, be aware that you could be cutting local prices by half or more. Some of the Retail rip-off head-shop folks who sell ounces for $25 don't appreciate having their business cut in half. Protect yourself and setup all kratom business, completely separate from your personal. Good luck!!

Excellent advice - you gotta keep 'em separated! A first tenet of accounting actually, keep your business expenses separate from your personal ones. If you want to do this professionally, everything must be in the business's name, otherwise it's a hobby. Just remember, as I have previously stated, that separation will NOT absolve you from administrative liability and as such you could be successfully sued. One way of bypassing that issue, is partnering with someone and filing for a Multi Member LLC or better an S-Corporation. Of course, that comes with its own issues of being a partner which statistically leads to failure and entity dissolution at several times the rate of a single person operation.

Again, as Ballz and I have previously stated, this is not the type of advice that you should seek out in a forum, and much is hard to explain in this format. So, reach out to professionals in your area for a true business consultation. Short of that, if you have a specific question, I will provide you with a professional answer since I do this for a living...