The franchisee desires to purchase a franchise for the location described in the document. The company requires that the franchisee complete this questionnare in order to enable the company to confirm that it and its employees and representatives have fully complied with all applicable franchise registration and disclosure laws.
Alabama Franchisee Closing Questionnaire
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State:
Multi-State
Control #:
US-9-01-STP
Format:
Word;
Rich Text
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FAQ
A franchisor goes fully bust. They liquidate the company. The business' assets are sold off to pay their creditors any money that's owed. One of the main assets they hold is the brand name (which the liquidator may be able to sell on as an asset).
Closing a limited company with debts means that the appointed liquidator takes control of franchisee assets, and sells them to raise funds for the company's creditors. This is the principal role of a liquidator, along with assessing the company's liabilities such as their existing contracts.
An experienced franchise attorney can help ensure ongoing compliance with legal requirements to avoid liability and lost franchise opportunities. Under federal law and most state franchise laws, the FDD must be updated annually within 120 days after the franchisor's fiscal year end.
The trustee disposes of the franchisee's business assets to settle the company's debts, paying off all creditors equally. In many Chapter 7 franchise cases, the franchisee's business is encumbered by loans and worthless, so the trustee terminates the contract.
Franchisees should be aware of the implications of being terminated by a franchisor. Many agreements will require franchisees to pay franchisors for ?future lost profits? (usually labeled as liquidated damages). Franchisees may also be responsible for fees, royalties, and losing the right to operate.
?Material change? is defined in full by the FTC under 16 C.F.R. § 436.7(b), and it is any change to the franchisor or in the franchise itself that is likely to have a significant financial impact on, or which is likely to influence the decision-making process of, a franchisee or prospective franchisee.
The Franchise Rule requires the pre-sale disclosure of material information to prospective franchisees about the franchisor, the franchised business, and the terms and conditions that govern the franchise relationship.
It sounds like a long time, but those years will fly by. Do you know what will happen to your business when your Franchise Agreement term ends? Because once the agreement ends, you will lose the right to operate the business using the franchise products and branding unless you sign another agreement.