You will need the following three advisors; a lawyer to tell you how to structure it, an insurance broker to help you manage your risk, and a tax accountant to make sure that you are keeping track of the money in a way that the IRS deems acceptable.
Depending on the state you are operating in, you may need to file for a money transmitter license. And yo and your advisors will need to go through http://www.fincen.gov/financial_institutions/msb/index.html
and determine which, if any of the declarations you need to file and what compliance policies your organization needs to put in place.
You'll also need to ensure that you have enough working capital to cover potential withdrawals, and remember that you will have to keep the funds segregated from the rest of your organizations business.
Oh, and your insurance broker will have to figure out how best to insure you against all the normal risks that face a bank.
Comments
You will need the following three advisors; a lawyer to tell you how to structure it, an insurance broker to help you manage your risk, and a tax accountant to make sure that you are keeping track of the money in a way that the IRS deems acceptable.
Depending on the state you are operating in, you may need to file for a money transmitter license. And yo and your advisors will need to go through http://www.fincen.gov/financial_institutions/msb/index.html and determine which, if any of the declarations you need to file and what compliance policies your organization needs to put in place.
You'll also need to ensure that you have enough working capital to cover potential withdrawals, and remember that you will have to keep the funds segregated from the rest of your organizations business.
Oh, and your insurance broker will have to figure out how best to insure you against all the normal risks that face a bank.