What Kind Of Updates Do I Need To Make To an FDD?

There are various updates that can be made to a Franchise Disclosure Document (FDD). Some of these updates may be voluntary, while others are required. For instance, it is required that you update your FDD at the end of every fiscal year. 

For your annual updates, you should provide information such as: 

• Financial performance representations to reflect the company's current data;
• Any contract amendments; and
• Initial investment estimates verified against the recent experiences of franchisees. 

These annual updates must be filed within 120 days after your business' fiscal year-end. To know exactly what is required for your annual updates, you can get consult an experienced New York franchise lawyer.

On the other hand, you may make changes to your FDD throughout the fiscal year. These interim changes may be voluntary or involuntary. A voluntary change may be a contract change or a change in fees. An involuntary change may be new litigation, a financial decline, or the loss of franchisees. However, any changes that may materially affect a prospect must be amended in the FDD.

To properly amend your FDD, and make it available on time, you can get the professional help of a New York franchise lawyer.

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 making changes to 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 Franchise Disclosure Document.

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.