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Checklist Regarding Matters that must be Disclosed to Prospective...

Checklist Regarding Matters that must be Disclosed to Prospective Franchisee in Accordance with FTC Franchise and Business Opportunity Rule

Name: Checklist Regarding Matters that must be Disclosed to Prospective Franchisee in Accordance with FTC Franchise and Business Opportunity Rule
Brand: US Legal Forms
Price: 59.00 USD

Category:

Small Business - Checklists

State:

Multi-State

Control #:

US-02909BG

Format:

Instant download

Description

A franchise or business opportunity seller must give the prospective buyer a detailed disclosure document at least ten (10) business days before the buyer pays any money or legally commit himself to a purchase. The disclosure document includes:

" Names, addresses, and telephone numbers of at least 10 previous purchasers who live closest to the buyer;
" A fully audited financial statement of the seller;
" Background and experience of the business's key executives;
" Cost of starting and maintaining the business; and
" The responsibilities buyer and the seller will have to each other once the buyer has invested in the opportunity.

Franchise sellers also must tell a prospective buyer in writing the number and percentage of owners who have failed.

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FAQ

The Franchise Rule is published by the Federal Trade Commission.The Franchise Rule seeks to facilitate informed decisions and to prevent deception in the sale of franchises by requiring franchisors to provide prospective franchisees with essential information prior to the sale.

Pre-Sale Disclosure and the Franchise Disclosure Document The Franchise Rule requires that franchisors provide the presale disclosure document (the FDD) to prospective franchisees necessary for them to make an informed decision prior to entering into a franchise relationship.

What is your relationship with the franchisor like? Have you ever had a conflict with the franchisor? Is your business profitable? Have you recouped your initial financial outlay? Were there any hidden set up or ongoing costs? Are you happy with the training the franchisor provides?

Item 1: The Franchisor And Any Parents, Predecessors And Affiliates. Item 2: Business Experience. Item 3: Litigation. Item 7: Estimated Initial Investment. Item 12: Territory. Item 19: Financial Performance Representations.

The Franchisor and any Parents, Predecessors, and Affiliates. Business Experience. Litigation. Bankruptcy. Initial Fees. Other Fees. Estimated Initial Investment. Restrictions on Sources of Products and Services.

The Rule, primarily enforced by the Federal Trade Commission ("FTC") at the federal level, requires franchisors to provide all potential franchisees with a disclosure document (commonly known as the "FDD") containing 23 specific items of information about the offered franchise, its officers, and other franchisees.

The Federal Trade Commission (FTC) "Franchise Rule" governs franchising in the United States, and requires that franchisors have certain legal documents in order to offer a franchise: the Franchise Disclosure Document (FDD), and the Franchise Agreement.

Checklist Regarding Matters that must be Disclosed to Prospective Franchisee in Accordance with FTC Franchise and Business Opportunity Rule

Description

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How to fill out Checklist Regarding Matters That Must Be Disclosed To Prospective Franchisee In Accordance With FTC Franchise And Business Opportunity Rule?

Form popularity

FAQ

What is the FTC Franchise Rule?

What is pre sale disclosure?

What questions should a prospective franchisee ask to aid in assessing the franchise?

What are the key items in the disclosure document?

What are the key items in the franchise disclosure document?

What is the FDD disclosure rule?

What sort of disclosure document is required by the FTC Rule?

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Checklist Regarding Matters that must be Disclosed to Prospective Franchisee in Accordance with FTC Franchise and Business Opportunity Rule

Description

Related forms

Viewed forms

How to fill out Checklist Regarding Matters That Must Be Disclosed To Prospective Franchisee In Accordance With FTC Franchise And Business Opportunity Rule?

Form popularity

FAQ

What is the FTC Franchise Rule?

What is pre sale disclosure?

What questions should a prospective franchisee ask to aid in assessing the franchise?

What are the key items in the disclosure document?

What are the key items in the franchise disclosure document?

What is the FDD disclosure rule?

What sort of disclosure document is required by the FTC Rule?

Checklist Regarding Matters that must be Disclosed to Prospective Franchisee in Accordance with FTC Franchise and Business Opportunity Rule Related Searches

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