Who are the franchise sellers involved with the sale of a Chop5 Salad Kitchen franchise?
Chop5_Salad_Kitchen Franchise · 2024 FDDAnswer from 2024 FDD Document
| | (52,836) | = | | | CASH FLOWS FROM INVESTING ACTIVITIES Net cash (used) in investing activities | | • | | | | : | | CASH FLOWS FROM FINANCING ACTIVITIES Advance from affiliate Net cash provided (used) by financing activities | _ | 50,000 50,000 | | - | _ | - | | NET INCREASE IN CASH | | 1,918 | | (52,836) | | - | | CASH, BEGINNING | | 47,164 | | 100,000 | | 100,000 | | CASH, ENDING | $ | 49,082 | $ | 47,164 | $ | 100,000 | | SUPPLEMENTAL DISCLOSURES Cash paid for interest Cash paid for taxes | $ $ | - | $ $ | 5 | $ $ | |
CHOP5 FRANCHISE LLC NOTES TO FINANCIAL STATEMENTS
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
CHOP5 Franchise LLC ("the Company") was formed on March 22, 2019, (Inception) in the State of Kentucky as a limited liability company. The Company grants franchises to qualified persons for the establishment and operations of a CHOP5 Salad Kitchen restaurant featuring made-to-order salads, salad and grain bowls, soups, and other healthy food options under the CHOP5 name and mark (each a "CHOP5 Salad Kitchen"). All activities are conducted in a designated territory.
Parent and Affiliates
The Company is wholly owned by Chop5 LLC ("Parent") that was organized in the State of Kentucky as a limited liability company on February 18, 2016.
Chop5 Polaris LLC was organized in Ohio as a limited liability company on April 2, 2019. Chop5 Polaris LLC has owned and operated a CHOP5 Salad Kitchen.
CHOP5 IP LLC, was organized in Delaware as a limited liability company on April 10, 2019. CHOP5 IP LLC owns the Proprietary Marks and other intellectual property, which it has licensed to the Company so the Company may sub-license them to the Company's franchisees.
Chop5 Orlando UCF, LLC, was organized in Florida as a limited liability company on September 16, 2019. Chop5 Orlando UCF, LLC opened a Chop5 Salad Kitchen in March 2022.
Source: Item 23 — RECEIPT (FDD pages 50–178)
What This Means (2024 FDD)
According to the 2024 Chop5 Salad Kitchen Franchise Disclosure Document, CHOP5 Franchise LLC is the company that grants franchises to qualified individuals for the establishment and operation of Chop5 Salad Kitchen restaurants. CHOP5 Franchise LLC was formed in Kentucky on March 22, 2019. Therefore, CHOP5 Franchise LLC is the franchise seller.
CHOP5 Franchise LLC is wholly owned by Chop5 LLC, which was organized in Kentucky on February 18, 2016. Additionally, CHOP5 IP LLC, organized in Delaware on April 10, 2019, owns the trademarks and intellectual property that it licenses to CHOP5 Franchise LLC, which then sub-licenses them to franchisees. These entities are involved in the broader franchise system but are not directly selling the franchises.
Prospective franchisees should be aware that the Franchisee Disclosure Questionnaire included in the FDD is used by CHOP5 Franchise LLC to ensure that their franchise sales team followed proper procedures. This questionnaire also confirms that the franchisee had adequate opportunity to review the FDD, consult with advisors, and ask questions before signing the Franchise Agreement and paying the franchise fee.