As of what date must the Statement of Principal Owners for Cinch I.T. be current and complete?

According to Cinch I.T.'s 2024 Franchise Disclosure Document, the Statement of Principal Owners must be current and complete as of a specific date, indicated by a blank space to be filled in with the year 20__. This statement is part of Addendum D to the franchise agreement.

This requirement ensures that Cinch I.T. has up-to-date information regarding the ownership structure of its franchisees. This is particularly important when the franchisee is a business entity such as a corporation, limited liability company, or partnership. The statement requires signatures from all owner individuals and details about the entity, including its name, the signature of an authorized representative, and their title.

Furthermore, Cinch I.T. requires franchisees to provide an updated form of Addendum D within five business days of any change in the equity ownership. Failure to comply with this update requirement constitutes a material default of the franchise agreement. This ongoing obligation ensures that Cinch I.T. is always aware of the current ownership and management structure of each franchise, allowing them to maintain consistent standards and address any potential issues related to ownership changes.