The New York Exemption Form For Franchisor To An Existing Franchisee Pursuant To GB 684(3)(d) is a legal document required for franchisors in New York state to be exempt from certain federal laws when dealing with an existing franchisee. This form must be completed and filed with the New York Department of State in order for the franchisee to be exempt from certain regulations under the General Business Law. The exemption form is divided into two parts: Part A and Part B. Part A of the form requires the franchisor to provide information about the franchise agreement, including the date of the agreement, the name and address of the franchisor and franchisee, the terms of the agreement, and other information relating to the agreement. Part B requires the franchisor to provide additional information about the franchisee, such as financial statements, a description of the franchise's business operations, and a signed statement from the franchisee confirming their understanding of the exemption form and agreement. Once the form is completed and filed, the franchisor will be exempt from certain federal laws, including the registration and disclosure requirements of the Federal Trade Commission (FTC). The form must be re-filed annually in order for the exemption to remain valid. There are two types of New York Exemption Forms For Franchisors To An Existing Franchisee Pursuant To GB 684(3)(d): one for franchisees located in New York City, and one for franchisees located outside of New York City.
New York Exemption Form For Franchisor To An Existing Franchisee Pursuant To GBL 684(3)(d)
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The Rule requires franchisors to provide all potential franchisees with a disclosure document containing 23 specific items of information about the offered franchise, its officers, and other franchisees.
These legal documents, along with the operating manuals, staffing, training programs, and marketing initiatives, are your main investments in the franchise system. The two primary documents you'll create are the Franchise Agreement and the Franchise Disclosure Document (FDD).
Prospective franchisors must submit an initial franchise registration application which includes a registration fee of $750 payable to The New York State Department of Law, a Franchisor's Cost and Source of Funds form, a Consent to Service of Process form, a Sales Agent Disclosure form, and a Franchise Disclosure
Renewal Registration for New York Franchisors To renew a franchise registration, the franchisor will pay a fee of $150. If this renewal process is not completed ing to the state's guidelines and within 120 days after the end of the fiscal year and initial registration, there may be penalties.
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 New York, a franchisor cannot offer to sell to more than 2 persons, and potential franchisees are not granted a right to resell. N.Y.
New York is a franchise registration state. Before you offer or sell a franchise in New York you must first file and register your FDD with the Investor Protection Bureau of the New York Attorney General. The initial New York FDD filing fee is $750 and the annual renewal fee is $150.