This document may be used to register an offer and sale of franchises or to register a renewal statement or annual report. The document also contains a certification statement.
Kentucky Illinois Franchise Broker Registration Application
Category:
State:
Multi-State
Control #:
US-4-16-1-STP
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Illinois Franchise Broker Registration Application?
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FAQ
Most franchise brokers work on commission, based on the initial franchise fee collected from the franchisee when they buy their franchise. Franchisors usually have no problem paying a significant commission to good franchise brokers in exchange for the continuing benefits that result from franchise sales.
When you sign your franchise agreement, the broker will typically earn 40% to 50% of the franchise fee you pay to the franchisor or even more, since most brokers have a minimum fee in the range of $12,000.
What is a franchise broker? Franchise brokers generate leads to help connect franchisors with qualified franchisee candidates. Their job is to identify and verify potential franchisees, educate them about franchise options and, ultimately, introduce them to franchisors whose goals match theirs.
The single sale franchise exemption is available to franchisors who wish to avoid registration requirements by limiting the number of franchises offered for sale. In Illinois, the number of franchise sales is limited to 2 sales in any 12-month period.
When registration is required, franchisors must pay a $500 fee and submit the FDD with a franchise registration application form, sales agent disclosure forms, an auditor's consent, a service of process form, and certain other required documents to the Illinois Franchise Bureau (500 S.
Illinois is a franchise registration state and has enacted franchise laws. Under Illinois franchise law, before offering or selling a franchise in the state you must first register your FDD with the Franchise Bureau of the Illinois Attorney General.
Real estate brokers typically buy a national franchise because they want to operate their own business without the expense and pressure of starting a business from scratch. The national franchisor or a subsidiary of the national firm might also operate one or more of its own local franchises.
A typical franchise consultant may be paid by the franchisors they represent by taking commissions on the sale and/or a portion of the franchise fees that you are paying to become a franchisee.