Speaking with franchise owners, visiting franchise headquarters, and working on a business plan are all steps that will lead to a person increasing their chances of successfully owning a franchise. Another key step is speaking with a franchise attorney in Chicago.
Reasons to Talk with an Attorney Before Purchasing a Franchise
There are about a million attorneys who work in the United States. Only a few thousand have decided to specialize in franchising. These individuals know what matters. And they are thoroughly familiar with the Franchise Disclosure Document. This document must be given to all prospective franchise owners. The document discusses everything the FTC feels a franchiser would need to know. The document can be up to 200 pages. A franchise attorney in Chicago is also familiar with ever-changing franchise laws. Being familiar with updated laws and the FDD shows how invaluable they can potentially be to a person who is thinking about buying a franchise.
As a person makes their business plan, they will need to choose a business entity. Some of their options include a C-Corporation, Limited Liability Corporation, and Subchapter S Corporation. A person should know the differences between these entities and find one that is right for their business. Working with an attorney will help a person know their legal rights and liabilities and understand how their business will be taxed.
FRANLAW offers comprehensive franchise legal services to help individuals get on the right track when buying a franchise. Learn more about their services by visiting Franlaw.