In the Golden Krust Caribbean Restaurant FDD, what does 'We' refer to?
Golden_Krust_Caribbean_Restaurant Franchise · 2024 FDDAnswer from 2024 FDD Document
[Item 1: THE FRANCHISOR, PARENTS, PREDECESSORS, AND AFFILIATES]
ITEM 1. THE FRANCHISOR, PARENTS, PREDECESSORS, AND AFFILIATES
For ease in comprehension of this Franchise Disclosure Document ("Disclosure Document"), the following definitions will apply: "We" or "Our" or "Us" or "Golden Krust" refers to the Franchisor, Golden Krust Franchising, Inc. "You" and "Your" refers to the franchisee, whether a person or legal entity, purchasing the franchise, including, if any, such legal entities owners, partners, members, controlling shareholders, and guarantors.
THE FRANCHISOR
Golden Krust Franchising, Inc., is a New York corporation, incorporated on August 8, 1995, and currently maintains its principal business address at 399 Knollwood Rd, Suite 117, White Plains, NY 10603. We conduct business under the name "Golden Krust Caribbean Restaurant", "Golden Krust Bakery & Grill", and "Golden Krust". We do not conduct business under any other name and we have not offered franchises in any other line of business. Our agents for service of process are disclosed in Exhibit D.
Golden Krust began offering franchises for traditional restaurants initially under the name "Golden Krust Patties" in 1996. We do not operate businesses of the type being franchised. As of December 31, 2023, there were 106 franchised traditional Golden Krust Restaurants and 2 affiliate operated traditional Golden Krust Restaurants.
We have not offered franchises in other lines of business and we have not engaged in any business activities other than those described above.
Source: Item 1 — THE FRANCHISOR, PARENTS, PREDECESSORS, AND AFFILIATES (FDD pages 6–8)
What This Means (2024 FDD)
According to Golden Krust Caribbean Restaurant's 2024 Franchise Disclosure Document, the terms "We," "Our," "Us," or "Golden Krust" refer to the franchisor, Golden Krust Franchising, Inc. The document also clarifies that "You" and "Your" refer to the franchisee. This definition is provided to ensure clarity throughout the Franchise Disclosure Document. Golden Krust Franchising, Inc. was incorporated on August 8, 1995, and maintains its principal business address at 399 Knollwood Rd, Suite 117, White Plains, NY 10603. As of December 31, 2023, there were 106 franchised traditional Golden Krust Restaurants and 2 affiliate operated traditional Golden Krust Restaurants.
For a prospective franchisee, understanding these definitions is crucial for interpreting the rights and obligations outlined in the FDD. When the document states "We will provide training," it means Golden Krust Franchising, Inc. will provide the training. Conversely, when it says "You must comply with our standards," it means the franchisee is obligated to adhere to the franchisor's standards. This clear distinction helps avoid confusion and ensures both parties understand their respective roles and responsibilities.
Golden Krust began offering franchises in 1996. The FDD specifies that Golden Krust Franchising, Inc. does not operate businesses of the type being franchised. This means that the franchisor's primary role is to grant and support franchises, rather than directly competing with its franchisees through company-owned locations. This structure can be beneficial for franchisees as it aligns the franchisor's success with the success of its franchisees.