When applying for an Aira Fitness franchise, what are franchisees and their owners affirming regarding the information provided in applications and financial statements?
Aira_Fitness Franchise · 2025 FDDAnswer from 2025 FDD Document
If you are a corporation, limited liability company, partnership or similar entity, you and each of your Owners represents and warrants that your ownership is completely and accurately listed on the Summary Page and that you will provide us with updated ownership information so that at all times the ownership information is current, complete and accurate.
In addition, you represent and warrant that: (i) you are duly organized, in good standing and authorized to conduct business in your state of incorporation and the state
where the Aira Fitness Business is located; **(**ii) you will confine your activities, and your governing documents will at all times provide that your activities are confined, exclusively to operating the Aira Fitness Business or another Aira Fitness Business under a franchise agreement with us; (iii) all assets used in the operation of the Aira Fitness Business are owned or leased by you; and (iv) you have and will maintain stop transfer instructions on your records against the transfer of equity securities except in compliance with this Agreement and will only issue securities upon the face of which bear a legend, in a form satisfactory to us, which references the transfer restrictions imposed by this Agreement.
Source: Item 23 — **RECEIPTS (FDD pages 59–254)
What This Means (2025 FDD)
According to Aira Fitness's 2025 Franchise Disclosure Document, both the franchisee and their owners must confirm the accuracy and completeness of the information provided during the application process. Specifically, if the franchisee is a corporation, limited liability company, partnership, or similar entity, they and their owners must guarantee that the ownership details listed in the Summary Page are entirely accurate. They also commit to providing updated ownership information to Aira Fitness to ensure the data remains current, complete, and accurate at all times. This requirement ensures Aira Fitness has a clear understanding of the franchisee's ownership structure.
In addition to ownership details, the franchisee must also confirm several operational and legal aspects of their business. This includes affirming that the business is properly organized, in good standing, and authorized to conduct business in both the state of incorporation and the state where the Aira Fitness Business is located. The franchisee must also agree to confine their business activities exclusively to operating the Aira Fitness Business or another Aira Fitness Business under a franchise agreement with Aira Fitness. This prevents franchisees from engaging in other business ventures that could conflict with or detract from the Aira Fitness brand.
Furthermore, the franchisee must confirm that all assets used in the operation of the Aira Fitness Business are either owned or leased by them. They must also maintain stop transfer instructions on their records to prevent the transfer of equity securities, except when in compliance with the franchise agreement. Any securities issued must bear a legend, in a form satisfactory to Aira Fitness, that references the transfer restrictions imposed by the agreement. These measures protect Aira Fitness's interests by ensuring that control and ownership of the franchise remain aligned with the terms of the franchise agreement and that any transfer of ownership is transparent and approved by Aira Fitness.