What is the deadline for Itan franchisees to submit a monthly balance sheet and profit and loss statement?
Itan Franchise · 2025 FDDAnswer from 2025 FDD Document
- **15.4.
Financial Statements.** No later than the 15th day of each month, you must prepare and send us a monthly balance sheet and profit and loss statement for your Business in the format we prescribe.
Within 30 days after the end of each calendar quarter, you must prepare and send us a balance sheet (as of the end of the calendar quarter) and profit and loss statement for the prior calendar quarter.
Within 90 days after the end of each calendar year, you must prepare and send us a balance sheet (as of the end of the calendar year) and profit and loss statement for the prior calendar year.
Source: Item 23 — RECEIPT (FDD pages 44–190)
What This Means (2025 FDD)
According to Itan's 2025 Franchise Disclosure Document, franchisees must submit a monthly balance sheet and profit and loss statement no later than the 15th day of each month. This report should detail the franchisee's business financials for the prior month.
It is important for prospective Itan franchisees to understand this requirement, as consistent and timely reporting is crucial for maintaining a good relationship with the franchisor and adhering to the franchise agreement. Failing to submit these reports on time could potentially lead to penalties or other consequences as outlined in the agreement.
In addition to the monthly reports, Itan also requires franchisees to submit financial statements quarterly and annually. Specifically, franchisees must submit a balance sheet and profit and loss statement within 30 days after the end of each calendar quarter and within 90 days after the end of each calendar year.