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

Relevant Disclosure

Category:

Small Business - Checklists

State:

Multi-State

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 Checklist Regarding Matters That Must Be Disclosed To Prospective Franchisee In Accordance With FTC Franchise And Business Opportunity Rule?

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FAQ

Crafting an Effective Disclosure Statement Identify all relevant parties involved in the disclosure. Determine the purpose of the disclosure. Outline the information that needs to be included in the disclosure. Draft the disclosure in a straightforward and easy to understand manner.

A disclosure statement in such a case might read: ?The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper?.

Key Takeaways A disclosure statement is a financial document given to a participant in a transaction explaining key information in plain language. Disclosure statements for retirement plans must clearly spell out who contributes to the plan, contribution limits, penalties, and tax status.

A disclosure statement in such a case might read: ?The author declares that (s)he has no relevant or material financial interests that relate to the research described in this paper?.

The financial disclosure forms should be completed in two stages. The ?Final Disclosure? consists of the Income and Expense Declaration and a full statement of your assets and debts, including the value, date acquired and debt owing on each item, as well as whether each item is community or separate property.