On what date was the FTC guarantee for 360 Painting executed?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
eligibility requirements. The plan provides for matching contributions of 100% of the first 3% of employee contributions, 50% of the remaining employee contributions, up to 4% of the participating employees contributions. The Company's contributions to the plan totaled $179,957 and $151,049 for the years ended December 31, 2023 and 2022, respectively.
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GUARANTEE OF PERFORMANCE FTC
For value received, Premium Service Brands, LLC, a Delaware limited liability corporation located at 126 Garrett Street, Suite J, Charlottesville, VA 22902 (the "Guarantor"), absolutely and unconditionally guarantees to assume the duties and obligations of 360 Painting, LLC, a limited liability corporation located at 126 Garrett Street, Suite J, Charlottesville, VA 22902 (the "Franchisor"), under its franchise registration in each state where the franchise is registered, and under its Franchise Agreement identified in its 2025 Franchise Disclosure Document, as it may be amended, and as that Franchise Agreement may be entered into with franchisees and amended, modified or extended from time to time. This guarantee continues until all such obligations of the Franchisor under its franchise registrations and the Franchise Agreement are satisfied or until the liability of Franchisor to its franchisees under the Franchise Agreement has been completely discharged, whichever first occurs. The Guarantor is not discharged from liability if a claim by a franchisee against the Franchisor remains outstanding. Notice of acceptance is waived.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to the 2025 FDD, the FTC guarantee for 360 Painting was executed on April 28, 2025. The guarantee was executed in Charlottesville, VA. The guarantor is Premium Service Brands, LLC, and the document was signed by Paul Flick.
This guarantee ensures that Premium Service Brands, LLC will assume the duties and obligations of 360 Painting, LLC under its franchise registration in each state where the franchise is registered and under its Franchise Agreement. This obligation remains until all duties are fulfilled or the liability of 360 Painting, LLC to its franchisees is completely discharged.
This guarantee is significant for prospective franchisees as it provides an additional layer of security. It means that Premium Service Brands, LLC is legally bound to ensure that 360 Painting, LLC meets its obligations to franchisees. This reduces the risk for franchisees, as they have recourse to Premium Service Brands, LLC if 360 Painting, LLC fails to meet its commitments. The guarantee is binding on the guarantor and its successors and assigns, offering long-term protection.