What documents must a Crave Cookies franchisee provide to Crave Cookies Franchising when transferring for convenience of ownership?
Crave_Cookies Franchise · 2025 FDDAnswer from 2025 FDD Document
- 15.3 Transfer for Convenience of Ownership. If Franchisee is an individual, Franchisee may Transfer this Agreement to a corporation or limited liability company formed for the convenience of ownership after at least 15 days' notice to Crave Cookies Franchising, if, prior to the Transfer: (1) the transferee provides the information required by Section 2.3; (2) Franchisee provides copies of the entity's charter documents, by-laws (or operating agreement) and similar documents, if requested by Crave Cookies Franchising, (3) Franchisee owns all voting securities of the corporation or limited liability company, and (4) Franchisee provides a guaranty in accordance with Section 2.5.
Source: Item 22 — CONTRACTS (FDD page 47)
What This Means (2025 FDD)
According to Crave Cookies' 2025 Franchise Disclosure Document, a franchisee who is an individual may transfer their franchise agreement to a corporation or limited liability company for convenience of ownership, provided they give Crave Cookies at least 15 days' notice and meet certain conditions.
Specifically, the franchisee must ensure that the entity to which they are transferring the agreement provides the information required by Section 2.3 of the franchise agreement. The franchisee must also provide copies of the entity's charter documents, by-laws (or operating agreement), and similar documents if Crave Cookies requests them.
Additionally, the franchisee must own all voting securities of the corporation or limited liability company to which the franchise agreement is being transferred. Finally, the franchisee must provide a guaranty in accordance with Section 2.5 of the franchise agreement. Meeting these conditions allows the franchisee to transfer the agreement for convenience of ownership.