What happens during the franchise disclosure process?

 

A: If you are selling franchises in New York, you are obligated to disclose certain information to potential franchisees during the franchise disclosure process. To disclose this information, you will have to include it in the Franchise Disclosure Document (FDD) (formerly known as the Uniform Franchise Offering Circular-UFOC). If you have questions about what to include in the FDD/UFOC, you can consult an experienced New York franchise attorney.

According to the Federal Trade Commission (FTC) the FDD/UFOC must be submitted to prospective franchisees at least 10 days before you sign a formal franchise agreement, or upon your first face-to-face meeting, whichever one comes first.

Information that you must provide in the FDD/UFOC includes: 

  • The initial franchise fee;
  • An estimate of the franchisee's entire initial investment, based upon investments made by previous franchisees;
  • The franchisee's obligations to the franchisor;
  • The franchisor's obligations to the franchisee; and
  • The terms of use for federally registered trademarks, patents, and copyrights. 

To establish the terms of your FDD/UFOC for the franchise disclosure process, you can get the professional help of a New York franchise attorney. An attorney can help you draw up the terms for disclosure, and make sure that your franchisees understand these business terms.

Contacting a New York Franchise Attorney 

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 New York franchise attorney 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.




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