Opening a franchise can be a fulfilling and exciting opportunity if you play your cards right. Often times, new franchise owners come across a lot of legal jargon and uncertainty in franchise agreements, which can be intimidating or even a bit overwhelming. Your franchise agreement dictates the relationship between franchisee and franchisor, so it’s important to make sure both parties are treated fairly. It never hurts to get some outside help if you are considering a franchise agreement, here are a few reasons why:
They can offer advice on how to choose a business entity
Should your business be a Limited Liability Corporation (LLC)? Maybe it should be a Subchapter S? Or perhaps you should file for a C-Corporation? If you don’t know the difference, you can set yourself up for future complications. It is paramount to choose the right business entity for your new franchise. It determines your legal rights and liabilities as a business owner, and also influences how your business is taxed. A franchise lawyer can offer useful suggestions on how to set up your your new franchise business.
They can help with legal compliance
Franchise lawyers possess relevant knowledge to ensure your franchise agreement complies with local, national, and international law. Whether it’s a small municipal law or a major legal principal, franchise lawyers can help you navigate your franchise agreement to ensure its fair for both parties.
Franchise lawyers keep things simple
Franchising, especially franchise agreements, can be complicated. Experienced franchise lawyers can help you cut through complications by explaining how certain terms or documentation work together, clarify legal boundaries, and negotiate a desirable agreement between franchisee and franchisor. Contact Law Works, Canada’s leading business law firm for professional franchising help.