What information must the Owners Statement for a Petro Stopping Center franchisee accurately describe?
Petro_Stopping_Center Franchise · 2025 FDDAnswer from 2025 FDD Document
- (c) the Owners Statement will completely and accurately describe all of your Owners and their interests in you.
A copy of our current form of Owners' Statement is attached to this Agreement as Exhibit "A";
- (d) you and your Owners agree to revise the Owners Statement as may be necessary to reflect any ownership changes and to furnish such other information about your organization or formation as we may request (no ownership changes may be made without our prior written approval);
Source: Item 14 — Other investments (FDD pages 131–208)
What This Means (2025 FDD)
According to Petro Stopping Center's 2025 Franchise Disclosure Document, if the franchisee is a business entity, the Owners Statement must completely and accurately describe all of the entity's owners and their respective interests in the business. This statement is crucial for Petro Stopping Center to have a clear understanding of the ownership structure of each franchise. A copy of the current form of Owners' Statement is attached to the Franchise Agreement as Exhibit "A".
Furthermore, the franchisee is obligated to revise the Owners Statement as necessary to reflect any changes in ownership. However, these ownership changes cannot be made without the prior written approval from Petro Stopping Center. Additionally, Petro Stopping Center has the right to request any other information about the franchisee's organization or formation as it deems necessary.
This requirement ensures that Petro Stopping Center maintains control over who is involved in owning and operating a franchise, which helps protect the brand and maintain consistent standards across all locations. It also allows Petro Stopping Center to keep accurate records of who is responsible for the franchise's obligations under the Franchise Agreement.