Who is required to sign the Cinch I.T. franchisee's financial statement?
Cinch_I_T Franchise · 2024 FDDAnswer from 2024 FDD Document
our personal attributes and in consideration of the trust and confidence which We place in You, and on Your representation that You will actively and substantially participate personally in the beneficial ownership and management of the CINCH I.T. Franchised Business.
- (b) In the event You are a business entity (including but not limited to a corporation, a limited liability company, a partnership, a limited liability partnership, a trust), in addition to being newly formed, You must complete and sign the Principal Owner's Statement attached to this Agreement as Addendum D and each individual with an ownership interest in You must also sign Addendum D.
Source: Item 23 — RECEIPTS (FDD pages 60–269)
What This Means (2024 FDD)
According to the 2024 Cinch I.T. Franchise Disclosure Document, if the franchisee is an individual, they acknowledge that the franchise is granted based on their personal attributes and their active participation in the business. If the franchisee is a business entity, the Principal Owner's Statement (Addendum D) must be completed and signed.
Furthermore, each individual with an ownership interest in the business entity must also sign Addendum D. This ensures that all owners are aware of their responsibilities and obligations under the franchise agreement.
In addition to signing Addendum D, every person with an ownership interest in the business entity must sign the Guaranty Agreement (Addendum C). This agreement holds them personally liable for the business's obligations to Cinch I.T. The original signed Guaranty Agreement must be provided to Cinch I.T.