Sample Item 19-1: Financial Performance Representation (Based on Actual Historical Performance Results) ITEM 19: FINANCIAL PERFORMANCE REPRESENTATION The FTC’s Franchise Rule permits a franchisor to …
READ MORE →ITEM 21: FINANCIAL STATEMENTS Attached to this disclosure document as Exhibit J are our audited, fiscal year end financials for 2005, 2006, and 2007. Attached to this disclosure document as Exhibit K …
READ MORE →ITEM 13: TRADEMARKS We grant you the right to operate a shop under the name “Belmont Muffler Shop.” You may also use our other current or future trademarks to operate your shop. By “trademark,” we …
READ MORE →Table No. 1 – Systemwide Outlet Summary Table No. 1 of Item 20 presents the total number of all outlets nationwide – both company owned and franchised – operating at the beginning and at the end of …
READ MORE →The last of the three definitional elements of a franchise covered by the amended Rule is that purchasers of the business arrangement must be required to pay to the franchisor (or to an affiliate), as …
READ MORE →The amended Rule covers business arrangements where the franchisor “will exert or has the authority to exert a significant degree of control over the franchisee’s method of operation, or provide …
READ MORE →A limited liability company may amend its articles of organization to include or modify any provision that is required or permitted to appear in the articles or to omit any provision not required to …
READ MORE →When a corporation extends into a new product line or a new geographic area, it frequently establishes a “subsidiary” corporation. A subsidiary corporation is a separate legal entity which happens to …
READ MORE →Do you need to have a disclosure or disclaimer at the end of your emails? Most people don’t. Still, some professionals (like lawyers) may want an email disclosure. Email disclosures don’t have to be …
READ MORE →A corporation may amend its articles of incorporation to include or modify any provision that is required or permitted to appear in the articles or to omit any provision not required to be included in …
READ MORE →There is no publication (i.e., no “legal advertisement”) requirement for corporations incorporated under Minnesota Statutes Chapter 302A. There is also no statutory minimum capital requirement for …
READ MORE →A limited partnership is a type of partnership in which a limited partner is not personally liable for the partnership’s obligations solely by reason of being a limited partner. Minnesota limited …
READ MORE →In general, any name which contains a different word from existing names on file with the Secretary of State is distinguishable and the name is acceptable for filing as an assumed name or as the name …
READ MORE →Minnesota statutes set the naming rules for corporations, limited partnerships, limited liability partnerships, and limited liability companies. Before you commit to a name, confirm it satisfies the …
READ MORE →After you’ve decided what type of business entity is right for your business, you may have to decide on a business name. In this sub-series of posts, we’ll discuss: Certificate of Assumed Name Naming …
READ MORE →Fringe benefits include items such as accident and health insurance, medical savings accounts, group term life insurance, salary continuation plans, reimbursements for educational expenses, dental …
READ MORE →Sample Item 23: Receipts ITEM 23: RECEIPTS Receipt This disclosure document summarizes certain provisions of the franchise agreement and other information in plain English. Read this disclosure …
READ MORE →Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office deduction, including some operating expenses for the business use of …
READ MORE →There are no federal or state regulations governing termination of the sole proprietorship itself. The sole proprietor simply winds up the affairs of the business and discontinues operations. If the …
READ MORE →A sole proprietor transfers ownership of the business by transferring the assets of the business to the new owner. The prior proprietorship is terminated and a new proprietorship is established under …
READ MORE →A startup business, regardless of form, generally will find it difficult to obtain outside financing. The statistical failure rate for new businesses is high, and many lenders view financing the …
READ MORE →The sole proprietor has full and complete authority to manage and control the business. There are no partners or shareholders to consult before making decisions. This form of organization gives the …
READ MORE →Wages for employees are covered by both Federal and state wage and hour laws. The federal law that governs wage and overtime requirements is the Fair Labor Standards Act (FLSA) and the regulations …
READ MORE →A recent case before the Minnesota Court of Appeals was important because it affirmed the right to sue a Minnesota city, township, or other municipality. In the case, Washington County sued the City …
READ MORE →When an employer loses a Family and Medical Leave Act (FMLA) claim, the employee’s award doubles unless the employer proves two things. It must prove that it acted in good faith and that it had …
READ MORE →Minnesota Statutes require that employees be paid promptly when their employment ends. The date payment is due depends on whether the employee was fired or quit. If the employee is fired, the wages …
READ MORE →In this video, you get answers to these questions about separation agreements, also known as severance agreements: What is a severance agreement? What questions should you ask before signing a …
READ MORE →Paying Overtime – Minnesota Law The Minnesota Fair Labor Standards Act requires employers to pay overtime for all hours worked over 48 per workweek, unless the employee is exempt under Minnesota …
READ MORE →Once you have a money judgment against a non-paying debtor, you may garnish the debtor’s wages. Under Minnesota law, you may issue a garnishment summons “at any time after entry of a money judgment in …
READ MORE →Attempting to collect a debt can be difficult, even when you already have a court order showing that the debt is owed to you. Not every debtor will pay a debt simply because a court has ruled he or …
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