What attachment contains the Personal Guaranty form for the Southern Steer franchise?
Southern_Steer Franchise · 2025 FDDAnswer from 2025 FDD Document
(j) Each of the Franchisee's Owners will execute the Personal Guaranty attached hereto as Attachment C and the Non-competition and Non-Disclosure Agreement attached hereto as Attachment I-1; and
(f) Guaranty.
If Franchisee is a corporation, partnership, limited liability company, or other entity, or in the future become a corporation, partnership, limited liability company, or other entity, Franchisor will require Franchisee's officers, directors, shareholders, partners, members, managers, owners, and owner's spouses or domestic partners to sign the Personal Guaranty attached hereto as Attachment C.
Source: Item 22 — ITEM. 22 CONTRACTS (FDD pages 61–168)
What This Means (2025 FDD)
According to the 2025 Southern Steer Franchise Disclosure Document, the Personal Guaranty form is included as Attachment C to the franchise agreement. This is a standard practice in franchising, especially when the franchisee is a business entity such as a corporation or LLC. The Personal Guaranty ensures that the individual owners of the franchise are personally liable for the obligations of the franchise, providing an additional layer of security for Southern Steer.
Specifically, if the franchisee is a corporation, partnership, limited liability company, or other entity, Southern Steer requires the officers, directors, shareholders, partners, members, managers, owners, and owner's spouses or domestic partners to sign the Personal Guaranty. This means that these individuals are promising to be personally responsible for the financial and contractual obligations of the franchise.
The inclusion of the Personal Guaranty as Attachment C allows prospective franchisees to review the exact terms and conditions of the guaranty before signing the franchise agreement. This transparency is important for franchisees to fully understand their obligations and potential liabilities. Franchisees should carefully review this document with their legal and financial advisors to assess the risks involved.