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Updating the FDD – The What, When & Why

As a franchisor it is crucial to keep your FDD (Franchise Disclosure Document) properly updated. Not doing so could expose your franchise network to unnecessary legal issues from franchisees, the FTC, and any states you are registered in, including Florida. If your FDD expires, it is invalid and can no longer be used. All franchise sales activities must be stopped; that means no closings, no prospecting, and no advertising, or marketing. And, for the most part, you won’t be able to renew franchise agreements with existing franchisees or complete transfers.

Pros and Cons of Starting an S-Corp in Florida

Owning and operating a business in Florida requires you to make complex decisions and judgments about a number of topics, not the smallest of which is the basic structure of your business entity. This is something that both new business owners and seasoned entrepreneurs must consider – should you incorporate? More specifically, is an S-corporation the best option? As with almost any choice you must make for your business, there are advantages and disadvantages to becoming an S-Corp in Florida. Understanding those variables will help you make an informed decision that is ultimately in the best interests of your company.

Understanding The New FinCen BOI Reporting Rule

On January 1, 2024, new rules will go into effect for corporations, LLCs, and other US entities about the reporting of beneficial ownership interests to the US Financial Crimes Enforcement Network (FinCEN).  The application of a new rule or regulation, especially by a Federal unit with the word “Crime” in its name, can naturally be a source of stress. Let’s demystify the rule by breaking down what it means, and what you need to know for your business.

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