How do I buy a business in Florida? The process of buying a business is notably different in Florida than in other states. It is different because, for many “main street” deals, they are treated very similarly to real estate transactions. The parties, particularly when a business broker is involved, use purchase agreements provided by […]
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Are Non-Compete Agreements Banned? On April 24, 2024, the Federal Trade Commission (FTC) issued a rule banning non-compete agreements for employees. It will become effective 120 days after publication in the Federal Registrar. Employees should immediately work on updating their employment agreements and employee handbooks to comply with the new FTC rule. How Does the
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Franchise agreements can be divided into two main categories, single-unit and multi-unit franchise agreements. However, there are different variations of multi-unit franchise agreements in which the roles, responsibilities, and profit distribution differ. Regardless of the complexity of the franchise agreement, it is of the utmost importance that you consult a franchise attorney before entering a
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As a franchisee, you may want to sell your franchise for a variety of reasons. Retirement, the franchise not being what you expected, or chasing other business opportunities may be some of them. Regardless of the reason for the transfer, you want to ensure that when you sell your franchise you have a seamless and
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During a business transaction, you need to define early in the process how to structure the deal. Preferably defined in the letter of intent, deciding whether to purchase the stock or the assets of the business will ensure both parties are aware of what will be included in the deal. What are the differences between
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Put simply, franchising is a business model where you take what has worked for you, your business name, brand, know-how, and system, and teach someone to replicate it. Franchising is a powerful business strategy that has boosted the profit of countless entrepreneurs. However, there are some legal requirements franchisors need to address before starting their
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One of the key aspects to enable a successful business acquisition is conducting legal due diligence, which is the process of examining the target business’s documents and information to identify potential risks. Nearly half of business transactions fail due to issues found during the due diligence process. For this reason, as a seller, it is
Legal Due Diligence in M&A: How to Do it + Checklist Read More »
In a chain, all store locations are owned by a parent company, while in a franchise, units are owned and operated by separate individuals who contract with a franchisor to use the parent company’s business model and trademarks. In this article, we will break down the differences between chains and franchises. What is a Franchise?
Franchise vs Chain: What are the differences between the two business models? Read More »
According to the Corporate Transparency Act, which will be effective starting January 1st, 2024, certain companies should file specific information about their beneficial owners. Who needs to share this information? The “beneficial owners” are those who directly or indirectly have substantial control over the reporting company, or at least 25% of the ownership or voting
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A close corporation, also known as a closely held corporation, is a type of business entity where the majority of the ownership is held by a small number of shareholders. Typically, these shareholders are family members, friends, or a small group of individuals. This type of corporation is often characterized by a more intimate and
what is a close corporation? Read More »
