For the Alloy Personal Training, LLC surety bond in Minnesota, who is considered the Principal?
Alloy Franchise · 2025 FDDAnswer from 2025 FDD Document
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, the document indicates that due to the financial condition of the franchisor, the Minnesota Department of Commerce has required a financial assurance in the form of a surety bond. The excerpt does not specifically define who the Principal is on the surety bond.
While the document mentions the surety bond requirement, it does not provide details such as the bond amount, the specific obligations covered by the bond, or the exact name of the Principal. This information would typically be found within the surety bond document itself.
A prospective Alloy franchisee in Minnesota should request a copy of the complete surety bond document from Alloy to understand the specific terms, including who is designated as the Principal, the amount of the bond, and the conditions under which a claim could be made against the bond.