Under the Virginia guarantee, in which state is 360 Painting's franchise registration guaranteed?
360_Painting Franchise · 2025 FDDAnswer from 2025 FDD Document
For value received, absolutely and unconditionally guarantees the performance by Premium Service Brands, LLC, a Delaware limited liability corporation located at 126 Garrett Street, Suite J, Charlottesville, VA 22902 (the "Guarantor") of all the obligations of 360 Painting, LLC, limited liability corporation located at 126 Garrett Street, Suite J, Charlottesville, VA 22902 under its franchise registration in the State of Virginia and of its franchise agreements. This guarantee continues until all such obligations of 360 Painting, LLC under its franchise registration and franchise agreements are satisfied. Premium Service Brands, LLC is not discharged from liability if a claim by the franchisee against 360 Painting, LLC remains outstanding. Notice of acceptance is waived. Notice of default on the part of 360 Painting, LLC is not waived. This guarantee is binding on Premium Service Brands, LLC and on its successors and assigns.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 56)
What This Means (2025 FDD)
According to the 2025 FDD, the Virginia guarantee ensures the performance of 360 Painting's franchise registration specifically within the State of Virginia. Premium Service Brands, LLC, as the Guarantor, is committed to fulfilling the obligations of 360 Painting, LLC under its franchise registration in Virginia and its franchise agreements.
This guarantee remains effective until all obligations of 360 Painting, LLC under its franchise registration and franchise agreements are completely fulfilled. Premium Service Brands, LLC remains liable even if a franchisee has an outstanding claim against 360 Painting, LLC. Notice of acceptance of the guarantee is waived, but notice of default on the part of 360 Painting, LLC is not waived.
For a prospective franchisee, this guarantee provides a level of financial security, ensuring that 360 Painting will meet its obligations under the franchise agreement in Virginia. It means that Premium Service Brands, LLC is legally bound to support 360 Painting's commitments, reducing the risk for the franchisee. However, it is important to note that this specific guarantee applies only to the franchise registration in the State of Virginia.