What certification is required with the annual income statement and balance sheet submitted by an All Team franchisee?
All_Team Franchise · 2025 FDDAnswer from 2025 FDD Document
FRANCHISEE agrees to furnish to ATFC the following described reports at the times designated below on forms required by law or prescribed and furnished by ATFC, as appropriate:
On an annual basis within 45 days after the end of each fiscal year, a copy of the Agency's income statement and balance sheet for the fiscal year and certification that all required tax reporting and related returns have been completed.
Source: Item 22 — CONTRACTS (FDD pages 33–34)
What This Means (2025 FDD)
According to All Team's 2025 Franchise Disclosure Document, franchisees must furnish an annual copy of the Agency's income statement and balance sheet within 45 days after the end of each fiscal year. This submission must include certification that all required tax reporting and related returns have been completed.
In practical terms, this means an All Team franchisee needs to ensure their financial records are accurate and up-to-date to meet this reporting requirement. They will need to compile their income statement and balance sheet at the close of each fiscal year and then provide a signed certification confirming that all necessary tax obligations have been fulfilled.
This requirement ensures that All Team has a clear picture of each franchisee's financial performance and compliance with tax laws. It also allows All Team to maintain consistent financial reporting across its franchise system. Franchisees should consult with their accountants or financial advisors to ensure they can meet these reporting obligations accurately and on time.