New York State requires franchisors to renew their FDD registrations no less frequently than on an annual basis within 120 days of the close of the franchisor's fiscal year end. If the renewal is not received within the 120 day time period the franchise registration in New York will expire. If properly prepared and timely submission franchisors may continue to offer and sell franchises in New York. If registration lapses on New York based franchise sales and solicitations must be suspended.
When submitting a renewal application the New York Attorney General requires submission of the following information/documents:
Filing fee (currently) in the amount of $150 (Checks must be drawn on a United States Bank and made payable to "The New York State Department of Law." All checks must be dominated in U.S. Dollars.)
One clean and complete copy of the proposed offering circular, and a copy of the red-lined pages.
For annual renewals submit information required by 13 NYCRR 200.8 which (a) the name and address of each franchise sold, the date of the sale and the name, address and telephone number of the person purchasing the franchise, (b) the price paid and credit terms upon the sale of each franchise sold, and (c) a copy of the annual audited financial statements of the franchisor as prepared by an independent public accountant.
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.
