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FTC Franchise Rule & FTC Compliance (Part B)
The Standard Franchise Disclosure Process
When starting a franchise in New York, it is important that you abide by the standard franchise disclosure process. This is where you provide your prospects with the Franchise Disclosure Document (FDD). The FDD must include a cover page, and 23 Items of information about the business opportunity.
When drawing up your FDD, you must be specific and include all of the required statistics and information. To do so, you can get the help of a New York franchise attorney.
What information is required in the FDD?
On the cover page of the FDD, you must include information such as:
- Your business email and primary Internet home page address;
- A brief description of the franchised business;
- The initial fees and total initial investment for the franchise; and
- Information for a prospective franchisee to obtain the FDD in a different format
Furthermore, when starting a franchise in New York, some of the more important Items that you must list within the FDD include:
- Bankruptcy and Litigation History - You must include the history of any bankruptcies or litigation that your business has experienced.
- The Initial Franchise Fees - You must disclose the initial fees required to start a new franchise. This will include all payments and commitments to pay for goods and/or services, as well as the standard initial franchise fee.
- Franchisee's Obligations - You must disclose the franchisee's principal obligations under your agreements, with cross-references to the particular FDD items that describe the obligations. These may include obligations to purchase goods and services that your franchise business provides.
- Financing - You must disclose the terms and conditions of the financing arrangement that you offer to franchisees.
To ensure that you include every necessary disclosure when starting a franchise in New York, you may want to get the help of a New York franchise attorney as you draw up your FDD.
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.
IMPORTANT DISCLAIMER: The information contained on this website is provided for general educational purposes only, should not be relied on as legal advice and does not serve to create an attorney client relationship. In utilizing this website you acknowledge that there is no attorney client relationship between you and Charles N. Internicola, Esq. and that the information contained on this site does not and cannot serve as a replacement for the competent legal advice of a licensed attorney in your state. Further you acknowledge that any and all citations to cases and statutes must be independently verified by competent legal counsel to confirm the validity and accuracy of such information. The content of this site is subject to the Copyright of its author and owner, Charles N. Internicola, Esq.
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