In Michigan, how many business days before executing any binding agreement or payment of consideration must the Disclosure Document be provided for a Ledgers franchise?
Ledgers Franchise · 2025 FDDAnswer from 2025 FDD Document
Michigan requires that we give you this Disclosure Document at least 10 business days before the execution of any binding franchise or other agreement or the payment of any consideration, whichever occurs first.
Source: Item 22 — CONTRACTS (FDD page 46)
What This Means (2025 FDD)
According to Ledgers' 2025 Franchise Disclosure Document, prospective franchisees in Michigan must receive the disclosure document at least 10 business days before signing any binding agreement or making any payment. This requirement ensures that franchisees have sufficient time to review the FDD and seek professional advice before committing to the franchise.
This 10-business-day period allows potential Ledgers franchisees to thoroughly evaluate the opportunity, assess the risks and benefits, and make an informed decision. It also provides time to consult with attorneys, accountants, or other advisors to fully understand the terms and conditions of the franchise agreement.
It is important for prospective franchisees to note that failure to deliver the Disclosure Document on time or if it contains false or misleading statements, or a material omission, a violation of federal law and state law may have occurred and should be reported to the Federal Trade Commission, Washington, DC 20580 and the appropriate state agency listed on Exhibit D.