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.
Virgin Islands Virginia Franchise Registration Application
Category:
State:
Multi-State
Control #:
US-4-13-STP
Format:
Word;
Rich Text
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How to fill out Virginia Franchise Registration Application?
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FAQ
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.
How do I Register My Franchise in Virginia? Uniform Franchise Registration Application. Franchisor's Costs and Source of Funds. Uniform Consent to Service of Process. Guarantee of Performance (if necessary) A copy of Auditor's Consent Letter. Corporate Acknowledgement (if applicable) A clean copy of your FDD.
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.
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.
Va. Code Ann. §13.1-559 defines a franchise as a written agreement giving a franchisee the right to sell or distribute retail services or goods pursuant to a plan prescribed by a franchisor and using the franchisor's trademark or other identifying logo and in exchange for a franchise fee of at least $500.
Each application for the registration or exemption of a franchise shall be accompanied by a fee of $500, payable to the Treasurer of Virginia.
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.