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What Is The Difference Between a License and a Franchise?

What is the difference between a license and a franchise? Many people confuse a trademark license and a franchise.  Even attorneys who are not experienced in the niche area of franchise law may find it confusing to differentiate between a trademark license and a franchise. Hopefully this article will help to clarify the difference. TRADEMARK…

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FOUR STEPS TO VALIDATE A FRANCHISE OPPORTUNITY

Before you invest in a franchise opportunity, it is important to take the following four steps to validate the franchise opportunity: CALL FRANCHISEES THAT ARE IN THE SYSTEM This is an important initial step in validating a franchise opportunity.  The franchisees that are in the system already (and any that have left the system) are the…

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Top 10 Questions To Ask Existing Franchisees Before You Buy A Franchise

What Are The Top Ten Questions To Ask Existing Franchisees Before You Buy A Franchise? I always recommend that individuals looking to buy or invest in a franchise opportunity speak with existing franchisees of that system before moving forward. Franchisees that are already in the system and operating the business are a prospective franchisee’s best…

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New Accounting Rule ASC 606 Will Greatly Impact Franchisors and Consultants

Rule ASC 606 The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board recently jointly issued rule ASC 606 known as “Revenues From Contracts With Customers”.  ASC 606 has the potential to dramatically change the franchise industry.  In a nutshell, this new rule governs when the franchise fee can be recognized (from an accounting…

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What Is Florida Senate Bill 750?

BACKGROUND Florida Senate Bill 750 has taken one step closer to becoming law.  Known as The Protect Florida Small Business Act, Florida Senate Bill 750 would greatly impact both franchisors and franchisees doing business in Florida.  Senate Bill 750 would change the current law in Florida to protect franchisors from terminating or failing to renew…

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Franchised Business vs Independent Business Ownership

Statistics Many articles have been written on the success of owning a franchised business vs an independent business.  Years ago an article appeared on About.com stating that franchised businesses have a success rate of about 90% as compared to starting a new business, which had a success rate of only 15%.  The article argued that…

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What Is The Difference Between The Franchise Disclosure Document And The Franchise Agreement

What is the difference between the Franchise Disclosure Document and the Franchise Agreement?  The Franchise Disclosure Document is a large document comprised of several federally mandated components, which include the Franchise Agreement.  The Franchise Disclosure Document is required to have twenty-three disclosure items, all contracts that the franchisee will be required to sign, financial statements…

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Letter Of Intent For A Commercial Lease

What Is The Purpose Of A Letter Of Intent For A Commercial Lease? A real estate letter of intent (LOI) is the skeleton from which a lease is drafted by the landlord’s attorney.  The letter of intent reduces to writing a preliminary understanding of parties who intend to enter into a contract, including contracts to…

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What Is A Fictitious Name Registration?

What Is A Fictitious Name Registration and Do I Need One? I am often asked whether a fictitious name registration is needed for a client’s business.  The first point is to understand what a fictitious name registration is.  If you are doing business under a trade name that is not also your entity (corporation or…

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Choosing Your Business Entity

Choosing A Business Entity – what are the options? Choosing your business entity is often the first important legal decision that an entrepreneur must make.  In the last few years the choices have become greater.  An individual business owner can have a sole proprietorship, corporation (C or S) or limited liability company.  An organization with several…

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Item 19 of the Franchise Disclosure Document (FDD)

ITEM 19 OF THE FRANCHISE DISCLOSURE DOCUMENT (FDD) Background On New NASAA Guidelines to Item 19 of the FDD New guidelines for Item 19 of the Franchise Disclosure Document (FDD) on Financial Performance Representations (FPRs) will benefit franchisors, franchisees and sales consultants. These new guidelines go into effect early in 2017 (http://www.nasaa.org/40282/notice-request-comments-regarding-proposed-franchise-commentary-financial-performance-representations/).  The new guidelines are…

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4 Steps To Choosing A Franchise Attorney

FOUR STEPS TO CHOOSING A FRANCHISE ATTORNEY What are the 4 steps to choosing a franchise attorney?  How can you find the best franchise attorney? Follow these 4 steps: Step 1. Make sure that the attorney you choose practices franchise law as a primary part of her practice.  I have been practicing franchise law for over…

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