Washington Application For Franchise Broker License is the licensing process used by the Washington State Department of Financial Institutions (DFI) to regulate and ensure the safe and ethical operation of franchise brokers in the state. Franchise brokers facilitate the sale of franchises and assist buyers in selecting the right franchise for them. The two different types of Washington Application For Franchise Broker License are the Broker-Dealer License and the Business Opportunity Broker License. The Broker-Dealer License is needed for those who are engaged in the business of selling or offering for sale any franchise or business opportunity. The Business Opportunity Broker License is required for those who are involved in the sale or offering for sale of a business opportunity. To obtain a Washington Application For Franchise Broker License, applicants must submit an application, pay the applicable fees, and submit a surety bond. Applicants must also have a thorough knowledge of Washington's franchise and business opportunity laws, complete a pre-licensing course, and pass the state licensing exam. The license must be renewed each year and must be kept current to remain in good standing.
Washington Application For Franchise Broker License
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How to fill out Washington Application For Franchise Broker License?
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What do I need to file? Franchise Registration Application.Renewal Fee: Check for $100 payable to the Washington State Treasurer. Franchise Disclosure Document (2 copies - one clean, one marked to show changes from prior year), including Washington Addendum and audited financial statements. Salesman Disclosure Form.
Most franchise owners don't receive a salary. Instead, your earnings as an owner come from the excess revenue after overhead costs to support the operation of the business are paid.
Washington State is a franchise registration state. Before offering or selling a franchise in Washington, you must register your FDD with the Securities Division of the Washington State Department of Financial Institutions.
The nominal franchise fee exemption is available to franchisors when annual franchise fees are only nominal. For example, in Washington, the franchise fee cannot be more than $500.
You should expect to pay anywhere from $10,000 to $100,000 in initial fees when buying a franchise. You will also pay monthly fees for marketing and royalties. This article is for people who are looking for a complete guide to buying a franchise business.
Before you can get your operation going, you'll need to have enough initial capital as well as an overall net worth before even considering starting a franchise. Unless you're independently wealthy, you may have to borrow money. Start with commercial banks since they fund many types of franchises.
Franchise brokers are not employees of the franchisor but are independent contractor agents of the franchisor and are compensated by the franchisor, typically, through a contingent commission calculated as a percentage of the initial franchise fee paid by the franchisee prospect.