Laws for Franchising Your Business in Oklahoma
Oklahoma Franchise Registration Status: Non-Registration State
State Registration Fee: $0.00
Oklahoma is a non-registration state. There are no franchise regulation laws in Oklahoma; however, there is a business opportunity act. The Oklahoma Business Opportunity Sales Act exempts franchisors from the act as long as they are in compliance with the Federal Trade Commission’s Franchise Rule.
Applicable Federal Franchise Laws
Franchisors need to comply with federal franchise laws. It is required by the Federal Trade Commission that anyone offering or selling a franchise have a current and compliant franchise disclosure document. The franchise disclosure document contains information about the franchise and the owners of the franchise, outlines initial and recurring costs, explains territories and much more. It is important to make sure this document is accurate and that it complies with federal and state franchise laws. When offering a franchise to a potential buyer the franchisor must provide the buyer with a copy of the disclosure document no less than 14 days before the date of the sale.
A franchise lawyer is always an asset you do not want to skip over. A seasoned franchise lawyer will know the state franchise laws and the registration requirements for each state. He or she will also be able to correctly construct your Franchise Disclosure Document and maintain the annual updates that are required.