If you have sold a franchise in New York‚ franchise relationship laws offer remedies in the event of termination or non-renewal. These remedies will generally benefit the franchisee. An understanding of these laws may allow you to make a more informed decision when it comes to terminating a franchise in New York.
Remedies available under franchise statutes may include:
- the repurchase of inventory and other items;
- payment for goodwill;
- injunctive relief;
- damages (such as lost profits‚ un-recouped expenses and punitive damages); and
- attorney fees.
Furthermore‚ a court may require compensation of a terminated franchise for lost profits‚ damages in the reasonable amount of the value of the business or other considerations. These things will be determined by a court according to the most current New York franchise laws.
Under some franchise laws‚ state authorities are also empowered to seek civil remedies and criminal actions.
If you have sold a franchise in New York‚ state laws may require good cause for the termination or non-renewal of the franchise. This means that in order to terminate a franchise in New York‚ you will have to prove good cause. Some people refer to this as the perpetual agreement issue‚ as it seems to ensure the likely continuation of the initial franchise agreement. A New York franchise lawyer will have knowledge of the most up-to-date franchise laws in New York and help you to assess your legal situation.
Contacting a New York Franchise Lawyer
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 lawyer 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.