On what date was the Devon Creek Franchise Group, LLC organized?
Devon_Creek Franchise · 2024 FDDAnswer from 2024 FDD Document
Devon Creek Franchise Group, LLC (the "Company") was organized in the State of North Carolina on April 4, 2023 as a limited liability company. The Company was formed for the purpose of marketing and supporting ground care services for residential and commercial buildings franchise concept.
The Company uses the accrual basis of accounting, and their accounting period is the 12-month period ending December 31 of each year. The members' liability is limited to their equity.
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 45)
What This Means (2024 FDD)
According to Devon Creek's 2024 Franchise Disclosure Document, Devon Creek Franchise Group, LLC was initially organized on April 4, 2023, in the state of North Carolina, operating as a limited liability company. The company's primary business purpose is to market and support ground care services for residential and commercial buildings through a franchise concept. This indicates that Devon Creek is a relatively new franchise system.
As a limited liability company, the members' liability is restricted to their equity, which can offer some protection to the owners from business debts and lawsuits. The company's accounting period is based on a 12-month cycle, concluding on December 31 of each year. This standardization simplifies financial reporting and comparisons across different periods.
For a prospective franchisee, understanding the organization date of Devon Creek is crucial for assessing the franchise's maturity and track record. Given that Devon Creek was formed in April 2023, the financial statements included in the FDD only cover the period until December 31, 2023. This limited operating history means that franchisees will need to conduct thorough due diligence and carefully evaluate the available financial information to make an informed decision about investing in the franchise.