Video Transcribed: Tulsa Business Cannabis Attorney Isaiah Brydie coming at you with another video, And on this video, I’m going to be discussing whether or not your cannabis business should execute either corporate bylaws or an operating agreement, heaven forbid, a partnership agreement when you are at the inception of your company. And the short answer is yes, definitely.
Those documents do a really great job of listing out who the owners of the company are, at what percentage, what every owners’ rights, obligations, and responsibilities are, not only to the company but to the other owners of the company. And also, it is also a requirement when submitting for your business license.
One of the attachments for your cannabis business license requests ownership documentation. Normally, those would be things like a partnership agreement or an operating agreement, or corporate bylaws. So what are some of the really important items that are included in some of those documents?
Well, I got into it a little bit before, who the owners of the company are, what rights and responsibilities they have, how voting takes place in the company itself. So what things go to a member or a board of directors’ vote, who the managers of the company are, what rights and responsibilities the managers have on a company, and then some multiple other miscellaneous items.
So drafting out a governing document for your company, whether that be bylaws, operating agreement, partnership agreement, mutual understanding of operations, whatever you have as applicable to your company is going to definitely be something that you want to do because people’s memories begin to fade a year or two years down the line from when you create your business.
So it’s always going to be a really important item to have in each one of the owners’ back pockets. If you have any questions or you want to discuss this topic further, please feel free to reach out to my law office at the contact information listed. My name is Isaiah Brydie, I am an Oklahoma marijuana lawyer who is here to help you with any of your Oklahoma Cannabis business legal needs.