Iowa Franchise Forms - Iowa Franchise Law
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Iowa Franchise Forms FAQ
What is a franchise?
There is a definition of a franchise which has been developed by the Federal Trade Commission. Basically, a franchise involves an owner of a trademark, trade name and/or copyright giving others a license under certain conditions to use these trademarks, trade names or copyrights in providing goods or services to the public. The franchisor is the party who grants the franchise, and the franchisee is the party who receives the franchise.
What is the legal relationship between a franchisor and franchisee?
Technically, the relationship between a franchisor and franchisee is a relationship between two independent contractors. Their rights are determined by the franchise agreement. A franchise then is not a separate business entity, but is a business relationship between two separate business organizations such as a sole proprietorship, a corporation, or a partnership. The relationship between the franchisor and franchisee is controlled by the franchise contract. A corporation, sole proprietorship, or partnership may own the franchise contract or may be the entity entering into the franchise contract.
What laws govern franchises?
There are laws that restrict termination of some franchises. In some states, prior notice of termination is required. Owners of automobile dealership franchises are protected from termination of their dealerships in bad faith. This protection is provided by the Federal Automobile Dealers Franchise Act.
What are Articles of Incorporation?
Articles of Incorporation are legal documents that are filed with the State of Iowa to officially create a corporation. They contain important information about the company, such as its name, purpose, business address, and the names and addresses of its initial directors. Articles of Incorporation are like a birth certificate for a corporation — once approved by the state, the corporation is considered to exist as a separate legal entity. They provide a basic framework for how the company will operate and are an essential step in establishing a business in Iowa.
What to Include in Articles of Incorporation
When creating the Articles of Incorporation for your business in Iowa, there are several key details that you should include. Firstly, you need to provide the name of your corporation, which should be unique and distinguishable from other businesses in the state. Additionally, you must mention the purpose of your corporation, specifically outlining the type of activities it will engage in. You should include the address of your registered office, which could be a physical location or a registered agent's address. Your Articles must also specify the number of shares your corporation is authorized to issue and their par value, if applicable. Finally, the document should contain the names and addresses of your initial directors. By including all these elements, you can ensure that your Articles of Incorporation are complete and compliant with Iowa's requirements.
1. Full Name of Corporation
The full name of the corporation is [Insert Corporation Name] and it operates in the state of Iowa. This means that the company is legally established and conducts its business activities within Iowa's borders.
2. Principal Place of Business
The Principal Place of Business refers to the main location where a company conducts its operations and makes important decisions. In the state of Iowa, this means the central hub of a business's activities is based in Iowa. It is where the company's leadership team and employees are typically located, and where key transactions, meetings, and strategic planning take place. In Iowa, businesses establish their principal place of business to have a strong physical presence in the state and to contribute to its local economy.
12. Limitation of Director’s Liability
In Iowa, there are certain limitations on the liability of directors. This means that directors of a company may not be personally held responsible for the debts or actions of the company, except in certain situations. This limitation allows directors to carry out their roles without fear of personal financial repercussions. However, it is important for directors to remember that they can still be held liable if they engage in fraudulent or illegal activities, or if they breach their fiduciary duties. This limitation provides a level of protection for directors, but it doesn't mean they are completely immune from legal consequences.