What identifying numbers are required for individual and non-individual Punch King Fitness franchisees?
Punch_King_Fitness Franchise · 2024 FDDAnswer from 2024 FDD Document
Home Address: City: State: ZIP: Home Telephone: SSN: Percentage of Ownership: Home Address: City: State: ZIP: Home Telephone: SSN: Percentage of Ownership: Home Address: City: State: ZIP: Home Telephone: SSN: Percentage of Ownership: Home Address: City: State: ZIP: Home Telephone: SSN: term of the Franchise Agreement to which this Exhibit 1 is attached. Signature The undersigned individual Franchisee, or if Franchisee is other than an individual, each of the Principals of Franchisee, hereby certify that the foregoing information is accurate and complete to the best of their knowledge and agree to notify Franchisor promptly of any change in any such information during the Print Name Print Name Print Name Print Name
Source: Item 22 — CONTRACTS (FDD pages 56–215)
What This Means (2024 FDD)
According to Punch King Fitness's 2024 Franchise Disclosure Document, both individual franchisees and, if the franchisee is a business entity, each of the principals of the franchisee, must provide their Social Security Number (SSN). This information is required as part of Exhibit 1 to the Franchise Agreement.
For individual franchisees, this means they must disclose their SSN directly to Punch King Fitness. For non-individual franchisees (i.e., business entities such as corporations or LLCs), each principal or owner of the entity must disclose their SSN. The FDD specifies that this information is needed to complete the franchise agreement and related documents.
This requirement is fairly standard in franchising, as franchisors often need to verify the identity and background of their franchisees and their principals. Social Security Numbers are commonly used for credit checks, background checks, and other forms of due diligence. Prospective franchisees should be prepared to provide this information as part of the application process.