On what forms must reports and financial statements be submitted to 1 800 Packouts?
1_800_Packouts Franchise · 2025 FDDAnswer from 2025 FDD Document
- (2) You must furnish to us any other periodic reports we prescribe and such other information and supporting records as we from time to time prescribe. All reports, financial statements (except audited statements), and information must be on forms prescribed or approved by us and shall be verified and signed by you. You must maintain readily available for inspection by us, and must furnish to us upon our request, exact copies of the electronic file that contains your accounting records in the computer software we require you to use and any state sales tax returns and federal and state income tax returns filed by you that reflect the operation of the Franchised Business.
Source: Item 23 — RECEIPT (FDD pages 67–238)
What This Means (2025 FDD)
According to the 2025 FDD, 1 800 Packouts requires that all reports, financial statements (except audited statements), and information be submitted on forms that the company prescribes or approves. These submissions must be verified and signed by the franchisee.
In addition to using prescribed or approved forms, franchisees must maintain readily available copies of their accounting records in the computer software that 1 800 Packouts requires them to use. Franchisees must also furnish copies of state sales tax returns and federal and state income tax returns that reflect the operation of the franchised business. These records must be available for inspection by 1 800 Packouts and furnished upon request.
This requirement ensures that 1 800 Packouts receives consistent and standardized information from all franchisees, making it easier to monitor performance and compliance. It also allows 1 800 Packouts to maintain a degree of control over the financial reporting of its franchisees, which is a common practice in franchising to protect the brand and ensure accurate financial representation.