How Do I Update an FDD?

To submit an annual update of a Financial Disclosure Document (FDD), you must make it available for use (with the updated addenda) within 120 days after your business's fiscal year-end.

In order to make interim amendments for material changes, such as contract changes, fee changes, or the addition of new personnel, you must "promptly" file a post-effective amendment with the addendum or revised pages. Furthermore, you are required by the state to stop marketing activities until the amendment is approved (unless the state has approved interim sales). While it is not necessary to update the entire FDD to reflect a material change, all material changes should be made.

If in an interim change, the amendment is a company-wide standard, you may want to use a standard addendum to reflect the company's change. If the negotiated change was made under unique circumstances (so that it is highly unlikely that the change will be made again) you may not be required to reflect the change in an interim amendment.

To know whether an interim change is necessary, or to ensure that you submit your annual FDD on time, you can get the professional help of a New York franchise attorney.

If you are selling franchises in New York, it is important that you update your FDD according to New York law. To learn more about updating your FDD, visit our article library. 

How a New York Franchise Attorney Can Help

A New York franchise attorney can help you throughout the disclosure process. By hiring an experienced attorney, you can avoid potential mistakes when delivering your FDD.

If you are an entrepreneur who is interested in franchising your business there is a lot you need to know, including the significance of evaluating your trademark and how to approach the preparation of your FDD. For a limited time, get Charles N. Internicola, Esq's franchise law report to determine whether or not your business is right for franchising. Contact us today at 1-800-976-4904 for more information about Mr. Internicola's franchise law services in New York and how he assists entrepreneurs franchise their business nationwide.