What specific ownership details are required to be disclosed for controlling persons in the Boulder Designs Franchise Agreement acknowledgement form?
Boulder_Designs Franchise · 2025 FDDAnswer from 2025 FDD Document
| is a(n): | Acknowledgment Regarding Controlling Persons. Franchisee hereby acknowledges that Franchise Owner | |
|---|---|---|
| Individual | Corporation | |
| Partnership | Limited Liability Company | |
| Joint Venture | Other business form | |
| beneficially, voting control of Franchise Owner: | (describe) Franchise Owner hereby warrants and represents that the following persons own, either legally or | |
| NAME | TYPE OF OWNERSHIP (LEGAL OR BENEFICIAL) | PERCENTAGE OF INTEREST OWNED |
Source: Item 22 — CONTRACTS (FDD page 50)
What This Means (2025 FDD)
According to Boulder Designs' 2025 Franchise Disclosure Document, the franchise agreement includes an acknowledgment form regarding controlling persons. This form requires the franchisee to specify the type of ownership for the Franchise Owner, indicating whether it is an individual, corporation, partnership, limited liability company, joint venture, or other business form.
For individuals or entities with beneficial or voting control of the Franchise Owner, the franchisee must provide the name of each person. In addition to the name, the franchisee must specify the type of ownership (legal or beneficial) and the percentage of interest owned by each controlling person.
This information is crucial for Boulder Designs to understand the ownership structure of its franchisees and ensure compliance with the franchise agreement. Prospective franchisees should be prepared to disclose this information accurately and completely when signing the franchise agreement.