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Checklist Regarding Matters that must be Disclosed to Prospective...

Franklin Ohio Checklist Regarding Matters that must be Disclosed to Prospective Franchisee in Accordance with FTC Franchise and Business Opportunity Rule

Name: Franklin Ohio Checklist Regarding Matters that must be Disclosed to Prospective Franchisee in Accordance with FTC Franchise and Business Opportunity Rule
Brand: US Legal Forms
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Category:

Small Business - Checklists

State:

Multi-State

County:

Franklin

Control #:

US-02909BG

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Description

A franchise or business opportunity seller must give the prospective buyer a detailed disclosure document at least ten (10) business days before the buyer pays any money or legally commit himself to a purchase. The disclosure document includes:

" Names, addresses, and telephone numbers of at least 10 previous purchasers who live closest to the buyer; " A fully audited financial statement of the seller; " Background and experience of the business's key executives; " Cost of starting and maintaining the business; and " The responsibilities buyer and the seller will have to each other once the buyer has invested in the opportunity.

Franchise sellers also must tell a prospective buyer in writing the number and percentage of owners who have failed.

How to fill out Franklin Ohio Checklist Regarding Matters That Must Be Disclosed To Prospective Franchisee In Accordance With FTC Franchise And Business Opportunity Rule?

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FAQ

In short, a business arrangement meets the FTC Rule definition of a franchise if the business arrangement involves: (i) the grant of a trademark, (ii) the franchisor exerts or has the authority to exert significant control or assistance over the operation of the business, and (iii) the franchisee pays the franchisor or

A Franchise Disclosure Document includes 23 specific pieces of information (called items), the franchisors franchise agreement, and various exhibits (like a list of current and past franchisees, and audit financials of the franchisor.

Overview of the relationship: This includes the parties to the contract, the ownership of IP, and the overall obligations of the franchisee to operate its business to brand standards.

The franchise agreement must clearly state the terms of the agreement, length of the agreement, provision for renewal and the effect of termination of the franchise agreement.

The Rule requires franchisors to provide all potential franchisees with a disclosure document containing 23 specific items of information about the offered franchise, its officers, and other franchisees.

The Franchise Agreement Location/territory.Operations.Training and ongoing support.Duration.Franchise fee/investment.Royalties/ongoing fees.Trademark/patent/signage.Advertising/marketing.

The 5 Elements of a Successful Franchise Powerful business systems. A franchise without a business system isn't a franchise.Serious brand power.Innovation.Powerful franchisee training.Wealthy franchisees.

There are three main types of franchise opportunities available, these are: Business format franchises. Product franchises, or Single operator franchises. Manufacturing franchises.

The amended Rule requires franchisors to disclose on the Item 23 receipt page the name, principal business address, and telephone number of each franchise seller offering the franchise. Who is a franchise seller for purposes of this disclosure?

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Hilton hotel business in my area? The burden of compliance with the disclosure rule falls on the franchisor.FRANCHISE DISCLOSURE DOCUMENT. 2(h) of the FTC Rule makes matters more confusing. Buying a franchise is a complex investment. The information in this disclosure document can help you make up your mind. Franchise and Business Opportunity Rule. See, e.g. , Disclosure Requirements and Prohibitions Concerning Franchising and Business Opportunities; Final Rule, 72 Fed. Reg. WAXING THE CITY® business in my area?

Franklin Ohio Checklist Regarding Matters that must be Disclosed to Prospective Franchisee in Accordance with FTC Franchise and Business Opportunity Rule

Description

How to fill out Franklin Ohio Checklist Regarding Matters That Must Be Disclosed To Prospective Franchisee In Accordance With FTC Franchise And Business Opportunity Rule?

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FAQ

What are the three elements of FTC Franchise Rule definition a franchise?

What must a disclosure statement include in a franchise agreement?

What 3 things are typically included in a franchise agreement?

What are the elements in the franchise agreement?

What are the basic requirements of the Franchise Rule?

What are 5 things that may be included in a franchise agreement?

What are the elements of a franchise?

What are the 3 types of franchising?

What disclosure under the franchise rule must be made before parties enter into a valid franchise agreement?

What does the FTC Franchise Rule require?

Interesting Questions

What is the purpose of the Franklin Checklist?

Why is it important to disclose certain information to prospective franchisees?

What kind of information is included in the Franklin Checklist?

Are there any financial obligations that a prospective franchisee should be aware of?

What is the purpose of disclosing litigation history?

Do I need to be provided with a list of current and former franchisees?

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