Someone interested in franchising should be knowledgeable about the strengths and weaknesses of companies that offer such arrangements. Perhaps the best source of information on these and many other issues is the franchisor's disclosure document. This important document, which must be given to prospective franchise owners at least ten business days before any contract is signed or any deposits are owed, usually takes the form of the Uniform Franchise Offering Circular (UFOC). The UFOC contains important information on key aspects of the franchisor's business and the nature of its dealings with franchisees. Information contained in the UFOC includes a franchise history; audited financial statements and other financial history documents; franchise fee and royalty structures; background on the franchise's leading executives; terms of franchise agreements; estimated start-up costs for franchisees (including equipment, inventory, operating capital, and insurance); circumstances under which the franchisor can terminate its relationship with a franchisee; franchisor training and assistance programs; franchisee advertising costs (if any); data on the success (or lack thereof) of current and former franchisee operations; and litigation history.
Minnesota Form of Uniform Franchise Offering Prospectus
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How to fill out Form Of Uniform Franchise Offering Prospectus?
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FAQ
As one of several states in the United States that requires registration of franchise offerings, the Minnesota Department of Commerce-Securities Division is responsible for overseeing and helping to maintain the integrity of the franchise community in the State of Minnesota.
What is the uniform franchise offering circular (UFOC)? The UFOC is a document required by the Federal Trade Commission because of prior abuse by franchisors who made unfounded promises to unwitting buyers of franchises. The UFOC is the main document the franchisee's attorney should read.
The purpose of the Franchise Disclosure Document (FDD) is to provide prospective franchisees with information about the franchisor, the franchise system and the agreements they will need to sign so that they can make an informed decision.
Uniform Franchise Offering Circular (UFOC) Definition: A regulatory document describing a franchise opportunity that prospective franchisees have to receive before they pay any money, sign any papers or, in some cases, even meet with the franchisor.
Minnesota franchise law provides: ?No person may offer or sell any franchise in this state unless there is an effective registration statement on file in ance with the provisions of sections 80C.
A franchise agreement is a contract under which the franchisor grants the franchisee the right to operate a business, or offer, sell, or distribute goods or services identified or associated with the franchisor's trademark.
The single sale franchise exemption is available to franchisors who wish to avoid registration requirements by limiting the number of franchises offered for sale. In Minnesota, the number of franchise sales is limited to 1 sale in any 12-month period.
UFOC means Uniform Franchise Offering Circular. UFOC means any Uniform Franchise Offering Circular or such other franchise offering documents or circulars that any Person prepares or otherwise uses in connection with the grant of or proposed grant of or offer to grant any franchise.