Not everyone wants to go into business for themselves. Some prefer to let others handle the decision making processes. If you are an enterprising entrepreneur looking for a good business opportunity, purchasing a franchise might be the way to go. You will have independence with the assurance you are offering the buying public a brand with an established reputation and immediate name recognition. In order to get the best deal, you will need the services of an expert in the franchise and dealership law Illinois firms handle.
One of the first documents you will see when you begin the process of becoming a franchisee is known as the Franchise Disclosure Document. This legal instrument outlines the general terms and conditions under which you will become an owner of a particular franchise. All franchisors are required by the Federal Trade Commission to make it available prior to any contract agreement. These are not easily read. They require someone familiar with legal language and complicated terms to interpret them.
In addition to the disclosure documents, there will be a separate contract agreement between you and the franchisor, which is drawn up by their attorneys, and provides the exact terms and conditions under which you will operate. Some of the items in the contract include dispute resolution, transfer restrictions, audit rights, supervision, time dedication, insurance and guaranties.
Unless you have been involved in other franchises, you probably won't know whether your contract is comparable to others or has unusual conditions included. A good attorney will be able to look the documents over and point out anything outside the normal conditions. Any questions you have can be answered before you actually sign the documents and commit yourself to a formal partnership.
Lawyers for the franchisor may indicate that the contract they offer you is non-negotiable. This is standard operating procedure. Your attorney will probably advise you that certain items like royalty structures and initial fees are not negotiable, but other items can be amended. You can often negotiate transfer of ownership, protection of territory, audit expenses, indemnification, and non-compete clauses.
In addition of the actual franchise documents and agreements, there are other business considerations for which a good attorney can be invaluable. These include what type of business entity you are going to create such as a corporation, a limited liability or limited partnership. You might need assistance negotiating leases, hiring key personnel, and establishing ownership agreements.
Not all lawyers have expertise in this field, and before you hire someone, you need to do some research and ask some questions. You should feel free to ask this professional how many franchises he or she has worked on and how many disclosure documents they have actually read. If the lawyer is someone who gives lectures to other professionals or has published articles in this field of the law, you will want to know that.
Franchises are great opportunities to make money and have satisfying careers. In order to get the best deal, you will need the services of an experienced professional to help you navigate the complexities of the process. You will be glad you made the call.
One of the first documents you will see when you begin the process of becoming a franchisee is known as the Franchise Disclosure Document. This legal instrument outlines the general terms and conditions under which you will become an owner of a particular franchise. All franchisors are required by the Federal Trade Commission to make it available prior to any contract agreement. These are not easily read. They require someone familiar with legal language and complicated terms to interpret them.
In addition to the disclosure documents, there will be a separate contract agreement between you and the franchisor, which is drawn up by their attorneys, and provides the exact terms and conditions under which you will operate. Some of the items in the contract include dispute resolution, transfer restrictions, audit rights, supervision, time dedication, insurance and guaranties.
Unless you have been involved in other franchises, you probably won't know whether your contract is comparable to others or has unusual conditions included. A good attorney will be able to look the documents over and point out anything outside the normal conditions. Any questions you have can be answered before you actually sign the documents and commit yourself to a formal partnership.
Lawyers for the franchisor may indicate that the contract they offer you is non-negotiable. This is standard operating procedure. Your attorney will probably advise you that certain items like royalty structures and initial fees are not negotiable, but other items can be amended. You can often negotiate transfer of ownership, protection of territory, audit expenses, indemnification, and non-compete clauses.
In addition of the actual franchise documents and agreements, there are other business considerations for which a good attorney can be invaluable. These include what type of business entity you are going to create such as a corporation, a limited liability or limited partnership. You might need assistance negotiating leases, hiring key personnel, and establishing ownership agreements.
Not all lawyers have expertise in this field, and before you hire someone, you need to do some research and ask some questions. You should feel free to ask this professional how many franchises he or she has worked on and how many disclosure documents they have actually read. If the lawyer is someone who gives lectures to other professionals or has published articles in this field of the law, you will want to know that.
Franchises are great opportunities to make money and have satisfying careers. In order to get the best deal, you will need the services of an experienced professional to help you navigate the complexities of the process. You will be glad you made the call.
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Get an overview of important things to consider when selecting a franchise and dealership law Illinois practitioner and more information about an experienced attorney at http://www.cdcaruso.com right now.