Nonprofit Mutual Benefit
It’s important to note that not all nonprofits are the same. A nonprofit corporation is run by officers and directors but has no owners and the members do not have the right to receive cash or property from the nonprofit. California’s nonprofit mutual benefit corporations are less limited than traditional nonprofits because the members, director, or officer can receive money as salary or as repayment of debt. It’s important to note that as California edges closer to legalization it is possible for nonprofit mutual benefit corporations to merge with for profit corporations or convert to a for profit company pending the Secretary of State’s approval. Not for profit medical marijuana companies will need an experienced team of professionals to help navigate through the uncharted sea of legality and Cannabis Tax and Accounting Services is here to provide personal tax plans for businesses. The knowledgeable tax experts can implement the best strategies to save company time and money.