Documents Required For Franchise Agreement In Illinois
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The primary franchising documents needed to create a franchise relationship and franchise your business include: Franchise disclosure document. Franchise agreement. Operations manual.
Whether you operate a restaurant in a popular fast-food chain or a retail convenience store with a wide variety of products, you need the limited personal liability protections that an LLC can provide. With a franchise, it's important to form an LLC before you ever sign your franchise agreement.
When buying a franchise, you can expect to come across the following documents: Secrecy undertaking or non-disclosure agreement (NDA) signed by the franchisee prior to receiving detailed information on the franchise. Disclosure document provided by the franchisor. Franchise agreement.
One of the main requirements for starting a franchise is a business plan, which you'll also need to present to a lender. Before writing your plan, go over all the data you've been offered from a prospective franchisor, in addition to your own personal research.
The franchise agreement is the binding contract between you and your franchisee. It explains all rights and obligations for both parties and protects the integrity of your franchise system and your trademarks. This is one of the first documents you will send to a prospective franchisee.
How Do I Register My Franchise in Illinois? A cover letter. A current copy of your FDD. The Uniform Franchise Registration Application. Consent to Service of Process. Costs and Source of Funds. State Cover Page. A Certification Page. Sales Agent Disclosure forms.
