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

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

Name: Pima Arizona Checklist Regarding Matters that must be Disclosed to Prospective Franchisee in Accordance with FTC Franchise and Business Opportunity Rule
Brand: US Legal Forms
Rating: 4.82 (257 reviews)

Category:

Small Business - Checklists

State:

Multi-State

County:

Pima

Control #:

US-02909BG

Format:

Instant download

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.

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

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FAQ

The Federal Trade Commission (FTC) Franchise Rule is a disclosure rule that requires a franchisor offering or selling a franchise located in the United States of America to provide the prospective franchisee with the relevant information about the franchise.

A franchisee and franchisor must agree before the license is issued and made official.

The FTC enforces federal consumer protection laws that prevent fraud, deception and unfair business practices. The Commission also enforces federal antitrust laws that prohibit anticompetitive mergers and other business practices that could lead to higher prices, fewer choices, or less innovation.

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

The Business Opportunity Rule requires business opportunity sellers to give prospective buyers specific information to help them evaluate a business opportunity, thus ensuring that the prospective purchasers have the information they need in order to assess the risks of buying a work-at-home program or any other

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.

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.

The Commission enforces various antitrust laws under Section 5(a) of the FTC Act as well as the Clayton Act. The FTC monitors all its orders to ensure compliance. The FTC conducts regular reviews of all its rules and guides on a rotating basis to make sure they are up-to-date, effective, and not overly burdensome.

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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Disclosure document, nor offered franchises in any other line of business. Franchises for pizza restaurants under the name and service mark "PAPA SAVERIO'S.This shall not preclude a franchisee, after entering into a franchise agreement, from settling any and all claims. (c). Rule 8 and Arizona's waiver-by- litigation-conduct principles do not require a plaintiff to guess about what potential defenses its adversary might have. Opportunity Ventures Trade Regulation Rule (FTC Rule) in 1979 to protect prospective buyers from. Buying a franchise is a complex investment. The information in this disclosure document can help you make up your mind. Competitive issues in the cable television industry. Regulations on food packaging will affect PepsiCo but not Goodyear. Disclosure document, nor offered franchises in any other line of business.

Pima Arizona 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 is franchise disclosure rule?

What must be completed before the franchise agreement is signed?

What is FTC rule?

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

What is the FTC Business Opportunity Rule?

What does the FTC Franchise Rule require?

What must be in a franchise disclosure document?

What are the basic requirements of the Franchise Rule?

How does the FTC bring action against a business?

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

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