When your personal and business accounts are mixed, your personal assets your home, car, and other valuables are at risk in the event your LLC is sued. In business law, this is referred to as piercing your corporate veil. Recommended: Learn about the best small business credit cards here. To learn more about maintaining your LLC's corporate veil, read our guide and protect your personal assets.
In business where services are provided on an extended basis, a services contract is often put in place outlining terms and conditions of service. Welding businesses should require clients to sign a services agreement before starting a new project. This agreement should clarify client expectations and minimize risk of legal disputes by setting out payment terms and conditions, and service level expectations.
An example of a service contract can be found here. It is important to comply with all Occupational Safety and Health Administration requirements. Businesses operating out of a physical location typically require a Certificate of Occupancy CO. A CO confirms that all building codes, zoning laws and government regulations have been met.
Welding services can be charged in two ways. First, they can be charged on a per-job basis. They can also be charged at an hourly rate. A well-established welding company may offer higher prices for special jobs and work needs. Additionally, raw material will need to be purchased. A highly successful welding business, meanwhile, can make six figures easily. Every period of work time should be budgeted.
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A poorly drawn business plan is believed to be the number-one cause of welding business failure. Know what you can afford, and prioritize your customers. Focus on getting the business in the door, and find the best customers who need your services. Get more ideas with our Business Ideas Tool. Check out our How to Start a Business page. Sign up at the Business Center to access useful tools for your business. Air Duct Cleaning Business.
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A few important topics to consider are: What are the initial costs? Who is your target market? How long it will take you to break even? What will you name your business? Find a Domain Now. Growing Your Business. Federal Business Licensing Requirements Certain state permits and licenses may be needed to operate a welding business.
Two of the simplest steps that will protect your business, and yourself, are to:. This separates your personal assets from your company's assets, which is necessary for personal asset protection. It also makes accounting and tax filing easier. Get a business credit card. This helps you separate personal and business expenses by putting your business' expenses all in one place. It also builds your company's credit history, which can be useful to raise money and investment later on.
Alongside its recreational purposes, it has been used medically for its relaxing and pain-relieving effects. It is also considered to help with conditions including insomnia, low appetite, nausea, anxiety and as a muscle relaxant. It is considered preferable as a medicine because it lacks the psychoactive side effect and has many other medical benefits.
In addition to pain and nausea management, it is mainly used to treat seizures, inflammation, migraines, depression, psychosis or mental disorders. Hemp is a cannabis variety that is primarily grown for its fibre. It can be refined into paper, textiles, clothing, biodegradable plastics, building materials and insulation, paint, biofuel and animal feed.
They are also a rich source of magnesium, zinc and iron. They can also be cold-pressed into oil. The leaves of the hemp plant do not contain as much nutritional value as the seeds but can still be eaten as leafy vegetables or pressed into juice. Some lesser known compounds are terpenes, which are fragrant oils that provide each plant strain with its distinct aroma.
Researchers have identified more than different terpenes in the cannabis plant. Some common ones include limonene, which has a citrus aroma and is considered effective at relieving stress and anxiety, and carophyllene, which is believed to alleviate chronic pain and treat insomnia. Another common flavour is pinene, which smells like pine needles and has shown potential medical value as an anti-inflammatory, a topical antiseptic and even a bronchodilator for asthma sufferers. Cannabis also shows some promise as a treatment for insomnia, eczema, pain relief, melanoma and even for autism, although many of these claims will obviously need to be backed up with medical trials in which standardised doses of various cannabinoids are compared with current treatments to ensure they are effective.
As a paper product, hemp is both light and strong with a higher tear resistance so has been used for specialty items such as cigarette paper, filter papers and even bank notes. Both hemp and CBD have also shown promise as an ingredient in cosmetics and skincare products with their antioxidant and anti-inflammatory properties considered helpful in treating acne, dry skin and the potential prevention of wrinkles. The therapeutic use of cannabis is also mentioned in ancient texts of the Greeks, Romans, Indian Hindus and Assyrians.
Modern science has now shown that THC can be effective at reducing body temperature. Some of the documented medical indications of cannabis included treatment for rheumatic pain, constipation, malaria and female reproductive disorders. His research papers detailed many medical benefits of cannabis including a case where it stopped convulsions in a child. Hemp is one of the fastest growing plants and was one of the first plants to be spun into usable fibre some 10, years ago.
For about three decades, hemp oil was the fuel of choice for automobiles. Cannabis was a key ingredient in many mass-produced legal drugs in the early s before restrictions increased and it began being labelled as a poison. Two American men have been marked as the culprits for the modern prohibition of marijuana: Harry Anslinger and William Randolph Hearst. Anslinger became the Director of the Federal Bureau of Narcotics in and Hearst, a publishing and timber mogul, was considered his co-conspirator. Meanwhile, Hearst lost , acres of timberland to Pancho Villa during the Mexican Revolution, plus his paper mills were increasingly being replaced by hemp.
So, he took advantage of his publishing empire to taint public perception of marijuana by linking it to the Mexicans. Another reason cannabis was disliked was because people could grow it themselves, which impacted pharmaceutical and petrochemical companies. The DuPont chemical company had a financial interest in stamping out hemp production as it began selling rayon, and then nylon, fibre in the s and s. Then the Marijuana Tax Act of was enacted, which effectively banned the use and sale of marijuana.
Anslinger was the author of this legislation. This act was later replaced by the Controlled Substances Act of , which placed cannabis on the most restricted drug use, Schedule 1, making it very hard to legally obtain for drug manufacturers and even researchers. This restrictive drug status spread to most modern Western countries so there was little or no modern pharmacological research into the hundreds of natural compounds, including cannabinoids, that are found in the cannabis plant.
It is only now that we are finding out in greater detail how these various cannabinoid compounds interact and trigger receptors in the central nervous and immune system to produce effects that may be highly beneficial to human health. Interestingly, it was the use of cannabis as an illegal recreational drug that eventually led to significant political pressure around the world from parents of sick children who were forced to effectively become criminals to arrange the supply of cannabis oil to alleviate the symptoms of their children. Australia received legislative approval in October and was legally permitted to import cannabis for medicinal use only in Hemp food products were also approved for human consumption that year.
Prior to this, all species of cannabis had been banned from being added or sold as food.
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Australian politicians are divided on the idea of legalising the plant for recreational purposes. Medicinal cannabis has been legal in Canada since and last October, it became the second country after Uruguay to legalise possession and use for recreational purposes. The United Kingdom also legalised medicinal cannabis as a controlled drug in November and only just received its first legal bulk shipment in February. Interestingly, the drug is still technically illegal in the Netherlands, despite the nation and particularly its capital Amsterdam being world-renowned for its relaxed and widespread cannabis use.
Authorities have been known to turn a blind eye to even smaller quantities for personal use, although it is still technically able to be confiscated by police. In addition, only citizens are technically allowed to buy cannabis with the exception of some Amsterdam coffee shops that are permitted to sell to tourists. However, this was delayed as several member states including the US, Russia and Japan requested additional time to consider the recommendations.
These recommendations, released in January, include changing the classification of CBD to recognise its medical benefits. In Australia, licences and permits are required in order to grow, manufacture or even research cannabis. Growers also require a permit, which involves a facility inspection and specifies the types of cannabis plants a licence holder can cultivate, the number and weight of the plants, as well as the next party in the supply chain that is, the specific manufacturer or researcher. The practitioner must first get authorisation to give it to you.
So far, there are only two registered cannabis medicines in the world — Epidiolex for epilepsy and the Sativex nasal spray, both owned by UK company GW Pharma. Access can also be quite pricey, with medicinal cannabis not currently covered by the Pharmaceutical Benefits Scheme, meaning costs are paid by patients out of pocket. However, a new product and pricing analysis released this week by FreshLeaf Analytics has shown pricing for medicinal cannabis products, especially cannabis oil, in Australia has started to fall.
Despite this, monthly expenditure by patients is up The gradual legalisation of cannabis has led to an amazing flurry of activity in recent years — much of it on share markets including Canada and Australia — as companies move to address the potentially massive markets for cannabis products. And while there is currently over 1, registered Australian patients receiving cannabis as a prescription medicine, this figure could swell to , by , the firm reported.
Unlike many offshore markets which rely on greenhouse growth, Australia has the potential for outdoor cannabis crops and conceivably two crops a year in high sunlight areas.
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Growing cannabis crops here is still in the early stages, although as with most agricultural exports Australia shows enormous promise. More cannabis stocks are expected to emerge on the ASX in , with existing stocks forecasting a growth in patient numbers as more locally produced medical cannabis products hit the market. Ecofibre, which grows industrial hemp in the US state of Kentucky, is one company with a proposed ASX listing date at the end of March Cannabis is going mainstream too — Constellation Brands, the parent company behind the Corona and Modelo beer brands and Svedka vodka, recently became the largest shareholder of leading Canadian cannabis company Canopy Growth Corp and has plans to experiment with cannabis-infused drinks.
This move has been shadowed by beer brewer Molson Coors, which teamed up with Canadian cultivator The Hydrothecary Corporation in August to develop their own line of non-alcoholic cannabis-infused beverages, and in December, Budweiser brewer AB InBev SA entered a joint venture to develop non-alcoholic CBD drinks with medical cannabis company Tilray.
There have also been rumours that Coca Cola would enter the market, reportedly discussing an investment or partnership with Aurora Cannabis Inc late last year, but the Coke company has so far shut down this idea. On the medical side, cannabis trials are aiming to address diseases in which treatments are measured in the many billions of dollars each year. It is not hard to envisage several blockbuster cannabis-based drugs reaching massive global sales in markets such as pain, nausea, appetite and convulsion or muscle spasm reduction — with the caveat that it will take many years of clinical trials to ensure uniform dosing, identify the right mix of compounds and prove drug efficacy.
The market for more peripheral cannabis products such as cosmetics, food supplements, edible, oil and smoking recreational drug use and to provide fibre and biofuel may become a more immediate market than as a medicinal drug, given the shorter path to commercialisation.
Diversified plant-based health and well-being company Algae. In December , Affinity was approved to establish a medicinal cannabis cultivation and manufacturing facility in the Republic of Malta, making it one in only eight companies to have been granted such a licence. The company has also applied for cultivation and manufacturing licences in Australia.
At the time of submission over a year ago, Affinity expected the application to take less than three months. But at the latest update in December , these applications were still under evaluation. Victoria-based Althea Group Holdings is a licenced importer and distributor of medical cannabis in Australia. The company has progressed at a rapid pace since listing last September, having been granted both an export licence and a manufacturing licence, which has allowed it to the start work on a medicinal cannabis production facility in Victoria.
In the first half of , Althea is planning to launch two new products in Australia — soft gel medicinal cannabis oil capsules and a 15ml mouth spray. The company is also hoping to launch these products in the UK as part of its market entry in April.
Cannabinoid pharmaceutical company AusCann Group is focused on developing and producing capsule-based pharmaceutical products for the management of chronic pain including neuropathic pain. In January , the company finalised the purchase of a research and development facility in Perth, Western Australia, which it said completed its previously announced long-term development strategy.
This includes the impending production of hard-shell cannabinoid capsules, which are set to be released for clinical trials towards mid AusCann has multiple divisions under its umbrella and has secured several partnerships across the supply chain from raw materials, product development to manufacturing and sales.
Blinded conditions refer to both the patient and clinician not knowing if they are using an active drug or placebo. Bod claims its wafer system is an easily administered, pharmaceutical-grade product with higher absorption than many existing products. In November , the company obtained an export licence allowing it to export Australian-made cannabis products to international markets including Belgium, Switzerland and the UK. Medical dermatology company Botanix Pharmaceuticals is focused on developing cannabinoid-based topical treatments for acne, psoriasis, atopic dermatitis and other skin conditions.
The company is preparing for the first human trials utilising synthetic cannabidiol in a proprietary drug delivery system known as Permetrex, a topical cream to be absorbed through the skin. The first acne patient studies for this product were completed in January and a second phase clinical study commenced in June, with completion of enrolment expected in mid In addition, data is anticipated from a phase 1b BTX study involving psoriasis patients in the second quarter.
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Another odd company looking to take advantage of the burgeoning cannabis market is Cannindah Resources , which holds gold and copper exploration projects in Queensland. In November , it signed an exclusive business and marketing partnership deal with Annabis Hemp through its wholly-owned subsidiary Cannindah Bioceutical Distribution, which has been aptly abbreviated to CBD. Annabis is a natural cosmetics company based in the Czech Republic that has developed hemp products and food supplements.
Under the agreement, Cannindah has been granted the exclusive right to market and sell Annabis Hemp products in Australia. In early February , the company said it was continuing to conduct its due diligence and has engaged a consultant to see whether the products are compliant for the Australian market. Any required changes are expected to be minor and likely to be regarding packaging. Cannindah said surplus cash flow from this business would be used for other operations within the company including exploration activity at its mineral projects.
Formerly Queensland Bauxite, the company officially changed its name to Cann Global at the start of this year to reflect the altered nature and scale of its activities in the medical cannabis and hemp industries. Although it still currently retains an interest in two bauxite projects in Queensland and New South Wales, the company transformed from a mineral exploration company with a minor interest in medical cannabis to an international medical cannabis and all-natural foods company in the short space of six months.
It is legally licenced to grow and cultivate hemp, running hemp seed farms in four Australian states from which it produces premium hemp seed oil, oil capsules, smoothie blends and hemp milk under the label VitaHemp. It has a large network of wholesale and retail clients in Australia and, more recently, in China and Vietnam. In addition, the company signed an MoU with Israeli company PharmoCann to manufacture its cannabis products and collaborate on clinical trials. Cann Global also recently entered into a strategic collaboration and supply agreement with Canadian company Bonify.
In February , Cann Global announced a signed MoU with Australian pharmaceutical company Biohealth Pharmaceuticals, which is expected to move its production schedule of medical cannabis formulations and nutraceutical hemp food consumables forward to the first half of As well as Australia, the partners are planning to target established markets in Hong Kong, Japan and Korea. Cann Group was the first company in Australia to secure its necessary licences and permits to cultivate and research cannabis for human medicinal purposes.
It has now successfully completed 24 harvests to date. During , the company supplied Australian patients with imported cannabis oil from its major shareholder, Canadian producer Aurora Cannabis. It also executed an agreement for IDT Australia ASX: IDT to manufacture its medicinal cannabis-based product formulations and secured a contract with the Victorian government to supply cannabis resin to be used to treat children with severe epilepsy.
Animal health company CannPal Animal Therapeutics is an interesting addition to this list with a focus on researching and developing cannabis-based therapies for veterinary use. Animal health drugs have a faster route to market and with dogs and cats now living longer, more of them are dying of cancer.