Virginia Franchise Forms - Virginia Franchise Agreement

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Virginia Franchise Forms FAQ Virginia Franchise Law

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 a set of legal documents that formally establish a corporation or company. In more simple terms, they are like the building blocks or the foundation that create a business entity. These documents typically include important information such as the company's name, purpose, structure, and initial shareholders. In the state of Virginia, the Articles of Incorporation must be filed with the State Corporation Commission to register and legally recognize the corporation. This is a necessary step to ensure that the business operates within the guidelines and regulations set by the state.


What to Include in Articles of Incorporation

Articles of Incorporation, when creating a corporation in Virginia, must include certain information to ensure compliance with state laws. It is important to include the proposed name of the corporation, which should end with a corporate designator like "Corporation" or "Inc." The purpose of the corporation needs to be mentioned, which entails explaining the type of business it will engage in. Registered agent details, such as their name and address, should be provided, as they will receive legal documents on behalf of the corporation. The number and type of shares the corporation is authorized to issue must be specified. Additionally, names and addresses of incorporates, people involved in the corporation's formation, should be included.


1. Full Name of Corporation

The full name of the corporation is XYZ Corporation, and it is located in the state of Virginia.


2. Principal Place of Business

The Principal Place of Business refers to the main location or office where a company conducts its daily operations and manages its affairs. In Virginia, this means the central hub or headquarters where the company's core activities take place. It is the primary physical location where employees work, meetings are held, and important decisions are made. The Principal Place of Business in Virginia plays a vital role in shaping the company's culture, strategy, and overall success.


12. Limitation of Director’s Liability

In Virginia, there is a limitation on the liability of directors. This means that directors are not personally responsible for the debts and liabilities of the company unless they acted in bad faith or engaged in fraudulent activities. In simple terms, directors are generally protected from being held personally responsible for the company's financial obligations. It provides a certain level of security for directors, as long as they act in the best interests of the company and its stakeholders.