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Franchise vs Chain: What are the differences between the two business models?

Franchises / By /
chains vs franchises

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? […]

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Who are the beneficial owners of a company?

Business Law / By /
what-are-the-beneficial-owners-of-a-company

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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How to buy a FedEx route?

Buying and Selling Businesses / By /
how-to-buy-a-fed-ex-route

FedEx, short for Federal Express, is a globally recognized courier delivery service that specializes in small package information, transportation, pickup, and delivery domestically or internationally between the US and Canada.  Did you know that you can buy a FedEx route and benefit from each delivery that you make in your assigned territory? FedEx is one

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How to start a trucking company in illinois

Startup / By /
how-to-start-a-trucking-business-in-illinois

The trucking business in Illinois is a lucrative industry that offers great growth opportunities and a valuable service for the community. However, logistics and transportation are heavily regulated industries. To operate those businesses in Illinois, not only will you need a strategic business plan but also a thorough understanding of the legal and compliance requirements.

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What is an asset purchase agreement?

Buying and Selling Businesses, Contracts / By /
what-is-an-asset-purchase-agreement?

When buying a business, an asset purchase agreement (APA) is the contract under which a seller transfers some or all the company’s assets to a buyer. This legal document outlines the price, terms, conditions, and warranties of the deal.  With an asset purchase agreement (also known as an “asset transfer agreement”), the company sells only

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What To Know About A Legally-Binding Contract

Contracts / By /
elements-of-a-contract

When it comes to business, contracts are going to be a focus, especially if you have connected with clients and other businesses. When establishing a contract, it’s important to do everything you can to reduce risk and make sure that all parties involved understand their duties and responsibilities. Whether you are just starting your business

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Letter of Intent to Purchase a Business

Buying and Selling Businesses / By /
letter-of-intent-to-purchase-a-business

In the context of a business acquisition, a letter of intent (LOI) is a document that defines the preliminary terms of the transaction and formalizes the intention of two parties to engage in it.  Typically, the letter is created by the purchasing party, who proposes a price and outlines the structure of the negotiation. Although

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