What is the purpose of the 'Description of Interest' section for All County franchise owners?
All_County Franchise · 2025 FDDAnswer from 2025 FDD Document
| 1. | the Managing Owner is: | MANAGING OWNER. The name, home address, phone numbers and social security number of | |
|---|---|---|---|
| 2. | FORM OF OWNER. | ||
| 2.1. | Business Entity. What is the form of your business entity, e.g. corporation, partnership? | ||
| Date of Formation of Entity (Date of Incorporation, if applicable): | |||
| Federal Identification Number of Entity: | |||
| Appendix A shown above: | The following is a list of your directors, if applicable, and officers as of the effective date of | ||
| Name of Each Director/Officer/Partner | Position(s) Held | ||
| 3. | owner's interest. | OWNERS. The following list includes the full name and mailing address of each person who is | |
| one of your owners (as defined in the Franchise Agreement) and fully describe the nature of each | |||
| Owner's Name and Address | Description of Interest | ||
| (Must total 100%) | |||
Source: Item 22 — Contracts (FDD page 43)
What This Means (2025 FDD)
According to All County's 2025 Franchise Disclosure Document, the 'Description of Interest' section within Appendix E of the Franchise Agreement serves to identify and detail the ownership stake of each individual involved in the franchise. This section requires a comprehensive list including the full name and mailing address of every person who qualifies as an owner, as defined in the Franchise Agreement. Alongside this information, a full description of each owner's interest in the franchise must be provided, with the combined total of all interests adding up to 100%.
For a prospective All County franchisee, this means that if the franchise is owned by multiple individuals or entities, each owner's specific percentage of ownership must be clearly documented. This ensures transparency and clarity regarding who has a financial stake in the franchise and to what extent. This information is crucial for legal and financial purposes, as it defines the rights and responsibilities of each owner.
It is important for potential franchisees to accurately complete this section to avoid any future disputes or misunderstandings regarding ownership. Furthermore, All County needs this information to properly assess the financial condition of the Franchised Business and to create financial performance representations for the All County Franchise Disclosure Document.