What information regarding Principals must the Developer maintain and provide to Goldfish Swim School?
Goldfish_Swim_School Franchise · 2025 FDDAnswer from 2025 FDD Document
This form must be completed by you, if you have multiple owners or if Developer is owned by a We are 1. Form of Owner. You are a (check one): (a) (b) (c) (d) (e) Specify: General Partnership Corporation Limited Partnership Limited Liability Company Other 2. You are formed under the laws of and their positions are listed below: Name of Person Business Entity. You were incorporated or formed on, 20 under the laws of the State of You have not conducted business under any name other than your corporate, limited liability company or partnership name. The following is a list of all persons who have management rights and powers (e.g., officers, managers, partners, etc.) Position(s) Held 3. Owners. The following list includes the full name and mailing address of each person who is one of your owners and fully describes the nature of each owner's interest. Attach additional sheets if necessary.
Source: Item 22 — CONTRACTS (FDD pages 76–77)
What This Means (2025 FDD)
According to the 2025 Goldfish Swim School FDD, the Developer must provide information regarding the form of ownership, the state under whose laws the entity was formed, and a list of individuals with management rights and powers, including their positions. Additionally, the Developer must provide a list that includes the full name and mailing address of each owner, fully describing the nature of each owner's interest.
Goldfish Swim School requires this information to understand the structure and management of the Developer's organization. This allows them to assess the individuals responsible for the operation and ensure they meet the brand's standards. The level of detail requested, including names, addresses, and ownership interests, indicates that Goldfish Swim School conducts thorough due diligence on its franchisees and their ownership structure.
This requirement is typical in franchising, as franchisors need to know who they are partnering with and who is ultimately responsible for upholding the franchise agreement. By collecting and maintaining this information, Goldfish Swim School aims to protect its brand and ensure consistent operation across all franchise locations. The agreement also stipulates that the Developer must update Goldfish Swim School with any changes to this information, ensuring that the franchisor always has current details about the ownership and management of the franchise.