What information needs to be entered for the Individual in the Bevaris Alliance Franchise Agreement?
Bevaris_Alliance Franchise · 2024 FDDAnswer from 2024 FDD Document
This agreement is dated [DATE]
Parties
- (1) Bevaris Alliance Franchise System, LLC, a limited liability company organized under the laws of Delaware, having its principal office located at 407 N. Maple Drive, Ground Floor, Suite #1, Beverly Hills, CA 90210 (Franchisor)
- (2) [FULL FRANCHISEE COMPANY NAME] incorporated and registered in [STATE OF INCORPORATION or ORGANIZATION] whose registered office is at [REGISTERED OFFICE ADDRESS] (Franchisee)
- (3) [NAME] of [ADDRESS] (Individual)
Source: Item 23 — RECEIPT (FDD pages 22–88)
What This Means (2024 FDD)
According to the 2024 Bevaris Alliance Franchise Disclosure Document, the Franchise Agreement includes a section for information about an "Individual". This section requires the entry of the individual's [NAME] and [ADDRESS]. The agreement specifies that this individual is considered a party to the agreement, along with the Franchisor (Bevaris Alliance Franchise System, LLC) and the Franchisee ([FULL FRANCHISEE COMPANY NAME]).
In the context of franchising, the "Individual" is typically the person who owns or controls the franchisee entity (e.g., the owner of a corporation or LLC that is signing the franchise agreement). This individual may be required to personally guarantee the franchisee's obligations under the agreement. This means that if the franchisee entity fails to meet its financial or other obligations, Bevaris Alliance can seek recourse directly from the individual.
Prospective Bevaris Alliance franchisees should carefully consider the implications of providing this personal information and understand the extent of the obligations and liabilities they may be assuming as an individual party to the Franchise Agreement. It is advisable to seek legal counsel to review the agreement and fully understand the risks involved.