We require details about company ownership for cannabis-related companies that selected Yes, this is a cannabis-related business when setting up their Gusto account.
Cannabis-related company owners include:
Control party: One person who has major responsibility for running the company — like a CEO, CFO, COO, President, or anyone with similar power. Every company must list exactly one control owner.
Business owner: Anyone who owns 25% or more of the company.
You can list up to five cannabis-related owners total — one control party and up to four business owners.
Gusto collects this information from all cannabis business clients to meet federal anti–money laundering rules and our banking partners’ requirements,
Note: Setting up cannabis-related company ownership in Gusto is different than (and separate from) classifying an employee as an owner and paying an owner's draw.
We'll ask for the following info about each owner you add in Gusto:
Full legal name
Date of birth
Address - Residential (not required to be US)
Taxpayer Identification Number (TIN or SSN)
Foreign owners can upload a passport if they do not have a TIN / SSN.
We'll block payroll if owner information is not entered within 90 days of a new owner being added in Gusto.
To add or edit the control party or business owners for your cannabis-related company:
At the bottom of the left menu, click your company name.
Under Information, click Owners.
Click Add if it's your first time, or Edit to change existing owners.
If there are owners not listed, first add them to your team.
Once the control party and business owners look right, click Submit details.
We'll send an email and Home page to-do to the people you added, asking them to enter their own details. You can also add their information for them.
When you add a new control party or business owner, we'll send an email asking them to give us their information. If you'd like to enter the details for them instead, use the instructions below.
To enter a cannabis-related owner's information for them:
At the bottom of the left menu, click your company name.
Under Information, click Owners.
Next to their name in the Owners table, under the Actions column, click Add Information.
Enter their birthday, tax identification number (or passport), and address.
Click Submit details.