This two-part blog will highlight significant issues attorneys and their clients face as a result of the emergence of legalized marijuana. In this Part I, we’ll consider the challenges posed to banks and other businesses, as well as the ethical obstacles confronting lawyers. In Part II, we’ll look at employment law issues related to marijuana’s legalization.

Setting up an LLC can, of course, offer many advantages. Chief among those advantages is an LLC’s flexibility. With less stringent requirements for compliance and less necessary paperwork than S-Corps and C-Corps, LLCs are easier to form and easier to keep in good legal standing.

The flexibility of an LLC, however, is not permission to be informal in its creation or operation. Consider the recent case before the 8th Circuit Court of Appeals, Robl Construction, Inc. v. Homoly.