What was the total amount Buona spent on professional fees in 2022?
Buona Franchise · 2025 FDDAnswer from 2025 FDD Document
Deferred Revenue, less Current Portion | | | | TOTAL LONG-TERM LIABILITIES | 211,917 | 58,917 | | TOTAL LIABILITIES | 381,469 | 104,941 | | MEMBERS' EQUITY (DEFICIT) Members' Equity (Deficit) Members' Contributions | (122,239) - | (19,123) 25,000 | | TOTAL MEMBERS' EQUITY (DEFICIT) | (122,239) | 5,877 | | TOTAL LIABILITIES AND MEMBERS' EQUITY (DEFICIT) | $ 259,230 | $ 110,818 |
FOR THE FISCAL YEARS ENDED STATEMENTS OF OPERATIONS CHICAGO'S ORIGINAL ITALIAN BEEF FRANCHISING LLC DECEMBER 31, 2023 AND JANUARY 1, 2023
| 2023 | 2022 | |
|---|---|---|
| REV |
Source: Item 22 — CONTRACTS (FDD page 78)
What This Means (2025 FDD)
According to Buona's 2025 Franchise Disclosure Document, the company's expenditure on professional fees in 2022 totaled $12,750. This figure reflects the costs Buona incurred for various professional services during that year.
Professional fees can encompass a range of services, such as legal, accounting, and consulting services. These are essential for ensuring the company's compliance with regulations, managing its finances, and making informed business decisions. For a prospective franchisee, understanding these expenses is crucial as it provides insight into the franchisor's operational costs and financial management practices.
Reviewing these expenses over multiple years, as presented in the FDD, can reveal trends and potential areas of cost fluctuation. This information can be valuable for potential franchisees in assessing the financial stability and management efficiency of Buona.