Wyoming Franchise Forms - Wyoming Franchise Agreement

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Wyoming Franchise Forms FAQ

What is a franchise?

There is a definition of a franchise which has been developed by the Federal Trade Commission. Basically, a franchise involves an owner of a trademark, trade name and/or copyright giving others a license under certain conditions to use these trademarks, trade names or copyrights in providing goods or services to the public. The franchisor is the party who grants the franchise, and the franchisee is the party who receives the franchise.

What is the legal relationship between a franchisor and franchisee?

Technically, the relationship between a franchisor and franchisee is a relationship between two independent contractors. Their rights are determined by the franchise agreement. A franchise then is not a separate business entity, but is a business relationship between two separate business organizations such as a sole proprietorship, a corporation, or a partnership. The relationship between the franchisor and franchisee is controlled by the franchise contract. A corporation, sole proprietorship, or partnership may own the franchise contract or may be the entity entering into the franchise contract.

What laws govern franchises?

There are laws that restrict termination of some franchises. In some states, prior notice of termination is required. Owners of automobile dealership franchises are protected from termination of their dealerships in bad faith. This protection is provided by the Federal Automobile Dealers Franchise Act.


What are Articles of Incorporation?

Articles of incorporation are legal documents that establish a corporation and outline its basic structure and purpose. In Wyoming, they specifically provide information about the corporation's name, registered agent, and registered office address. These articles also mention the purpose of the corporation, which could be anything from running a business to a nonprofit organization. Additionally, they include details regarding the number and type of shares that the corporation is authorized to issue. Simply put, articles of incorporation in Wyoming set the foundation for the existence and functioning of a corporation in a clear and organized manner.


What to Include in Articles of Incorporation

Articles of Incorporation are the official documents that legally establish a corporation in Wyoming. The information to be included in these documents should be straightforward and clear. Firstly, they should have the corporation's name, which should indicate that it is a corporation, like "XYZ Corporation." Next, you'll need to provide the registered agent's name and address, who will receive legal notices for the corporation. It's essential to mention the corporation's stated purpose, which explains what the company aims to do or achieve. Additionally, you must include the number of shares the corporation is authorized to issue, as well as their par value, if any. The names and addresses of the initial directors should also be listed. Lastly, the incorporated's name and address, who is responsible for filing the documents with the Secretary of State, need to be stated. By ensuring all these necessary details are present, your Articles of Incorporation will be complete and ready for filing.


1. Full Name of Corporation

The full name of the corporation in Wyoming is the official title that identifies a business entity registered and operating in the state of Wyoming. It is the complete designation given to a company, comprising its chosen name followed by "Corporation" or an appropriate legal term denoting its legal structure. This full name is used to formally identify and distinguish the corporation within the state jurisdiction, ensuring legal compliance and providing clarity to all parties involved in any business-related transactions or interactions.


2. Principal Place of Business

The Principal Place of Business refers to the main location from where a company conducts most of its operations. When we say "in Wyoming," it means that this business is located within the state of Wyoming. It's like the home base for the company, where all the important decisions are made, and most of the employees work. Having a Principal Place of Business in Wyoming can have various benefits, such as favorable tax laws, a friendly business environment, and access to a skilled workforce. It's a way for companies to establish a strong presence in Wyoming and contribute to the local economy.


12. Limitation of Director’s Liability

In Wyoming, there is a limitation on the liability of directors. This means that directors of a company are protected from personal responsibility for the company's debts and obligations. They are not held personally liable for any financial losses or legal disputes that the company may face. This limitation allows directors to make decisions without the fear of individual financial repercussions. However, it's important to note that this protection does not apply if directors have acted negligently or engaged in fraudulent activities. Directors still have a duty to act in the best interest of the company and its shareholders.