This document may be used to register an offer and sale of franchises or to register a renewal statement or annual report. The document also contains a certification statement.
North Dakota Illinois Franchise Broker Registration Application
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Multi-State
Control #:
US-4-16-1-STP
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Word;
Rich Text
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How to fill out Illinois Franchise Broker Registration Application?
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When registration is required, franchisors must pay a $500 fee and submit the FDD with a franchise registration application form, sales agent disclosure forms, an auditor's consent, a service of process form, and certain other required documents to the Illinois Franchise Bureau (500 S.
The franchise disclosure document (FDD) disclosure and waiting period is 14 days from the date the the FDD is delivered to a prospective franchisee and the FDD receipt page is signed.
Under the federal franchise laws, at the national level, a franchisor's FDD will automatically expire and require renewal within 120 days of the franchisor's fiscal year end.
FTC 14-Day Rule: FTC regulations require that you distribute a complete Franchise Disclosure Document (FDD) with exhibits to all prospective franchisees on a date that is on a date that is not less than 14 days prior to the signing of any agreement or the acceptance of any money.
Illinois is a franchise registration state and has enacted franchise laws. Under Illinois franchise law, before offering or selling a franchise in the state you must first register your FDD with the Franchise Bureau of the Illinois Attorney General.
Mandatory 14-Day and 7-Day Cooling Off Periods The FDD must be delivered to a prospective franchisee at least 14 calendar days before the franchisee signs any binding agreement or pays any consideration for the franchise.
Financial statements: A franchisor must provide three years of financial statements to the franchisee as part of the FDD. This includes balance sheets, statements of operations, owner's equity, and cash flows. Contracts: This is where the franchisor outlines the franchise agreement.
North Dakota is a franchise registration state. Before you offer or sell a franchise in North Dakota, you must register your Franchise Disclosure Document (FDD) with the North Dakota Securities Department.