If the DryJect franchisee is a business entity, what representation must be made regarding the ownership interests?

ill actively and substantially participate personally in the beneficial ownership and management of the DryJect Franchised Business.

• (b) In the event You are a business entity (including but not limited to a corporation, a limited liability corporation, 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. Further, You represent, warrant and covenant that:
  • (i) You are newly formed and duly organized and validly exist under the laws of the state in which You were formed;
  • (ii) You are duly qualified and are authorized to do business in each jurisdiction in which Your business activities or the nature of the properties owned by You require such qualification;
  • (iii) The execution of and transactions contemplated by this Agreement are within Your powers;
  • (iv) The ownership interests in You are accurately and fully listed in Addendum D;
  • (v) Each and every person with a twenty percent (20%) or greater ownership interest in You shall sign the Guaranty Agreement attached to this Agreement as Addendum C and You shall provide the original signed Guaranty Agreement to Us;
  • (vi) Each of Your shareholders/members shall execute and deliver the Confidentiality and Non-Competition Agreement set forth in the Operations Manual and You shall provide a copy to Us;
  • (vii) The stated purpose of the business entity shall consist only of the development, ownership, operation and maintenance of the DryJect Franchised Business;

Source: Item 8 — BUSINESS RELATIONSHIP (FDD pages 68–229)