Who is the bond in favor of regarding Alloy Personal Training, LLC's bond continuation?
Alloy Franchise · 2025 FDDAnswer from 2025 FDD Document
[Item 23: RECEIPTS]
| Bond Number: | SP 0000855-0000 | |||
|---|---|---|---|---|
| Effective Date: | 06/29/2022 | V. | ||
| Amount of bond: | $135,000.00 | |||
| Continued from: | 06/29/2023 | to | 06/29/2024 | |
| On behalf of: | Alloy Personal Training, LLC | |||
| In favor of: | State of Maryland Securities D | Divisio | n |
[Item 23: RECEIPTS]
| Bond Number: | SP 0000872-0000 | |||
|---|---|---|---|---|
| Effective Date: | 07/19/2022 | -14 | ||
| Amount of bond: | $135,000.00 | |||
| Continued from: | 07/19/2023 | to | 07/19/2024 | |
| On behalf of: | Alloy Personal Training, LLC | |||
| In favor of: | State of Illinois Attorney General |
[Item 23: RECEIPTS]
Due to the financial condition of the Franchisor, the Minnesota Department of Commerce has required a financial assurance. Therefore, we have posted a surety bond which is on file with the State of Minnesota. A copy of the surety bond is attached as an exhibit to the Minnesota addenda pages.
Source: Item 23 — RECEIPTS (FDD pages 69–245)
What This Means (2025 FDD)
According to Alloy's 2025 Franchise Disclosure Document, Alloy Personal Training, LLC has secured surety bonds in favor of specific state entities as a form of financial assurance. These bonds are required due to the financial condition of the franchisor. The beneficiaries of these bonds vary by state.
For a bond continuation effective from 06/29/2023 to 06/29/2024, the bond is in favor of the State of Maryland Securities Division. The amount of this bond is $135,000.00. Another bond continuation, effective from 07/19/2023 to 07/19/2024, is in favor of the State of Illinois Attorney General, also for $135,000.00.
Additionally, the Minnesota Department of Commerce requires a financial assurance in the form of a surety bond, which is on file with the State of Minnesota. A copy of this surety bond is attached as an exhibit to the Minnesota addenda pages. Prospective franchisees should carefully review the specific addenda for their state to understand the exact nature and terms of any required surety bonds, including the beneficiary and coverage amount. This information is crucial for understanding the financial assurances in place and their implications for franchisees.