This form is a franchise registration renewal questionnare. The form contains sections concerning the franchisor, business experience, and litigation.
Puerto Rico Franchise Registration Renewal Questionnaire
Category:
State:
Multi-State
Control #:
US-1-03-STP
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Franchise Registration Renewal Questionnaire?
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FAQ
14-Day Disclosure Period ? Under the FTC's Federal Franchise Rule, you must disclose your FDD to a prospective franchisee no less than 14 calendar days prior to the franchisee signing any agreement with you or your affiliate or paying any fee to you or your affiliate.
Continuing franchise fees ? Fees that are received for ongoing services provided by the franchisor to the franchisee. These costs will be expensed when incurred.
No local laws or government agencies regulate the offer or sale of franchises in Puerto Rico. As a US territory, however, Puerto Rico is generally subject to US laws and regulations, including the Federal Trade Commission Franchise Rule.
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.
One of the crucial provisions mentioned in the franchise agreement is the clause of renewal which provides the option to either renew the agreement beyond the initial contract (typically 5-15 years) or disband it altogether before its expiration date.
Item 15 of the Franchise Disclosure Document (FDD) provides prospective franchisees with an expectation of the time they will have to devote to personally operating, managing, and supervising the franchised business.
A renewal fee is the fee a franchisee is often asked to pay if they wish to renew their franchise agreement when the initial term or any subsequent renewed term comes to an end - provided the franchisor agrees to the renewal.
If you are renewing the franchise, you need to update your business plan, review your financials, and implement any changes or improvements required by the franchisor. You also need to sign a new franchise agreement and pay any fees or charges.