Does the Gokhale Method Franchise Disclosure Document state an effective date for Illinois?
Gokhale_Method Franchise · 2024 FDDAnswer from 2024 FDD Document
The following states have franchise laws that require that the Franchise Disclosure Document be registered or filed with the state, or be exempt from registration: California, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, New York, North Dakota, Rhode Island, South Dakota, Virginia, Washington, and Wisconsin.
This document is effective and may be used in the following states, where the document is filed, registered, or exempt from registration, as of the Effective Date stated below:
Source: Item 22 — CONTRACTS (FDD page 34)
What This Means (2024 FDD)
According to the 2024 Gokhale Method Franchise Disclosure Document, Illinois is one of the states that has franchise laws requiring the Franchise Disclosure Document to be registered or filed with the state, or be exempt from registration. The document states that it is effective and may be used in states where it is filed, registered, or exempt from registration, as of the effective date stated. However, the excerpt does not provide the specific effective date for Illinois.
Prospective Gokhale Method franchisees in Illinois should confirm with the franchisor the specific date the FDD became effective in Illinois. This date is important because Gokhale Method can only legally offer and sell franchises in Illinois after the FDD has been properly registered or exempted and is effective.
It is common practice for franchisors to register their FDDs in states that require it, and the effective date marks the beginning of their legal ability to franchise in those states. The absence of a specific date for Illinois in this excerpt means that prospective franchisees must seek clarification from Gokhale Method to ensure compliance with Illinois franchise laws.