Who executed the FTC guarantee on behalf of Premium Service Brands, LLC for 360 Painting?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
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. The Guarantor does not waive receipt of notice of default on the part of the Franchisor. This guarantee is binding on the Guarantor and its successors and assigns.
The Guarantor executes this guarantee in Charlottesville, VA on the 28th day of April, 2025.
Guarantor:
Premium Service Brands, LLC
By:
Name: Paul Flick
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to the 2025 FDD, the FTC guarantee on behalf of Premium Service Brands, LLC for 360 Painting was executed by Paul Flick. The guarantee was signed in Charlottesville, VA, on April 28, 2025. Premium Service Brands, LLC, as the Guarantor, ensures that it will fulfill the obligations of 360 Painting, LLC under the franchise registration in each state where the franchise is registered and under the Franchise Agreement identified in its 2025 Franchise Disclosure Document.
This guarantee remains effective until all obligations of 360 Painting, LLC are met under the franchise registrations and the Franchise Agreement, or until the liability of 360 Painting, LLC to its franchisees has been completely discharged. The guarantee ensures that Premium Service Brands, LLC will cover the duties and obligations of 360 Painting, LLC, providing a level of financial security for franchisees.
This arrangement is typical in franchising, where a larger parent company provides a guarantee to support a smaller subsidiary franchise brand. This guarantee is binding on Premium Service Brands, LLC and its successors and assigns, offering franchisees assurance that the obligations will be honored even if the ownership or structure of Premium Service Brands, LLC changes. The franchisee does not need to notify Premium Service Brands, LLC of acceptance of this guarantee, but Premium Service Brands, LLC does not waive its right to be notified of any default on the part of 360 Painting, LLC.