How is the 'Fiscal Year' defined for a Southern Steer franchise?
Southern_Steer Franchise · 2025 FDDAnswer from 2025 FDD Document
- 30.23.
Fiscal Year. "Fiscal Year" will mean the Franchisee's fiscal year.
The definition of Fiscal Year may be further defined in the Brand Manual and may in the future be changed by the Franchisor as specified in the Brand Manual or otherwise in writing by the Franchisor to address business practices and/or changes in the Internal Revenue Code.
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 Fiscal Year is defined as the franchisee's fiscal year. This means that each franchisee can have their own fiscal year, which may or may not align with the calendar year.
Southern Steer requires franchisees to furnish signed copies of their federal income tax returns pertaining to their Southern Steer Business within 120 days after the end of their fiscal year. These returns must cover the fiscal year or any other period requested by Southern Steer. Southern Steer also has the right to review, copy, and audit the franchisee's financial records, which must be maintained for the last five fiscal years.
It's important to note that the definition of 'Fiscal Year' may be further defined in the Brand Manual and may be changed by Southern Steer in the future. This allows Southern Steer to address business practices and changes in the Internal Revenue Code. Prospective franchisees should consult the Brand Manual and any written communications from Southern Steer to understand the current definition and any potential changes to the fiscal year definition.