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.
Pennsylvania Illinois Franchise Broker Registration Application
Category:
State:
Multi-State
Control #:
US-4-16-1-STP
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Illinois Franchise Broker Registration Application?
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FAQ
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.
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.
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.
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.
Pennsylvania is a non-registration state. In non-registration states there are no state specific franchise laws.
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.
Step 1: Find a Franchise Concept that Fits. ... Step 2: Submit Request for Consideration/Application. ... Step 3: The Franchise Disclosure Document (aka: the legal stuff) ... Step 4: Training and Support Overview. ... Step 5: Franchise Disclosure Review. ... Step 6: Franchise Due Diligence. ... Step 7: Celebration or Discovery Day.
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.