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.
Maine Illinois Franchise Broker Registration Application
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State:
Multi-State
Control #:
US-4-16-1-STP
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Word;
Rich Text
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How to fill out Illinois Franchise Broker Registration Application?
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FAQ
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.
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.
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.
To create a FDD, you need to collect and organize a lot of data about your franchise system, your financial statements, your operations manual, your marketing materials, and your legal documents. You may need to conduct market research, consult with experts, and update your records to ensure accuracy and completeness.
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.