When must a Carbones Pizzeria franchisee complete the Statement of Ownership and Management?
Carbones_Pizzeria Franchise · 2025 FDDAnswer from 2025 FDD Document
ear from the date of this Agreement. However, Franchisee may not commence operation of the Restaurant until Franchisee has satisfied all conditions set forth in this Agreement required to be satisfied by Franchisee prior to opening. If Franchisee fails to timely open the Restaurant, Franchisor may terminate this Agreement and retain all amounts Franchisee has paid to Franchisor or its affiliates.
- c. At the time this Agreement is executed by Franchisee, Franchisee shall complete the Statement of Ownership and Management attached hereto as Exhibit B, and, if Franchisee is a corporation, partnership, or limited liability company, each owner as of
the date hereof along with their spouse, as well as any future owners and their spouses, must sign Franchisor's then-current Guaranty at the time such individual becomes an owner of Franchisee
Source: Item 23 — RECEIPTS (FDD pages 30–116)
What This Means (2025 FDD)
According to Carbones Pizzeria's 2025 Franchise Disclosure Document, a franchisee must complete the Statement of Ownership and Management at the time the Franchise Agreement is executed. This requirement ensures that Carbones Pizzeria has a clear record of the franchise's ownership and management structure from the outset. If the franchisee is a corporation, partnership, or limited liability company, each owner and their spouse at the time of signing must also sign Carbones Pizzeria's Guaranty. This provides an additional layer of security and accountability for the franchisor.
Furthermore, the franchisee is obligated to immediately inform Carbones Pizzeria of any changes to the information provided in the Statement of Ownership and Management. Additionally, Carbones Pizzeria can request an updated Statement of Ownership and Management at any time. This ongoing requirement allows Carbones Pizzeria to maintain current records and be aware of any shifts in ownership or management that could impact the franchise operation.
This requirement is fairly standard in the franchise industry, as franchisors need to know who is responsible for the business and ensure that all parties are committed to upholding the franchise agreement. For a prospective Carbones Pizzeria franchisee, this means being prepared to provide detailed ownership and management information upfront and maintaining open communication with the franchisor regarding any changes.