Provided in collaboration with the Law Offices of Mario L. Herman, Esq.
Reasons to consider getting a lawyer before starting a franchise
If you're considering buying a franchise here in the Washington D.C. area, then there are a number of things you'll want to consider before beginning the process. From securing a loan to signing a franchise agreement, the process of starting up a business requires a lot of thought and even more attention.
Franchise law, as you may already know, is incredibly complex. As we just mentioned, there are a lot of things to consider. And while each part may ultimately deal with franchise law, they may also fall under other areas of law such as contract or employment law. Let's take a look at some complex issues you might come across.
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If you're considering buying a franchise here in the Washington D.C. area, then there are a number of things you'll want to consider before beginning the process. From securing a loan to signing a franchise agreement, the process of starting up a business requires a lot of thought and even more attention.
Franchise law, as you may already know, is incredibly complex. As we just mentioned, there are a lot of things to consider. And while each part may ultimately deal with franchise law, they may also fall under other areas of law such as contract or employment law. Let's take a look at some complex issues you might come across.
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What is a liquidated damages clause?
If you are currently in negotiations about setting up a hotel franchise then chances are you may have been asked to include a liquidated damages provision in your contract. If you are going through this process without the help of an attorney and do not have sufficient enough legal knowledge then you might have questions about what this contract clause is and what it will mean for you down the road.
Because not everyone chooses to get legal representation when entering into a franchise agreement, we realize that potentially problematic situations can arise, especially if you do not understand what you are signing. That's why, in this week's post, we wanted to talk about the liquidated damages provision of a contract and what it could mean down the road.
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If you are currently in negotiations about setting up a hotel franchise then chances are you may have been asked to include a liquidated damages provision in your contract. If you are going through this process without the help of an attorney and do not have sufficient enough legal knowledge then you might have questions about what this contract clause is and what it will mean for you down the road.
Because not everyone chooses to get legal representation when entering into a franchise agreement, we realize that potentially problematic situations can arise, especially if you do not understand what you are signing. That's why, in this week's post, we wanted to talk about the liquidated damages provision of a contract and what it could mean down the road.
More
Which is better: getting a license or a franchise?
So you're thinking of owning your own business. Great! But this decision has also left you with a number of legal questions as well as a number of general questions about which business option is right for you. If you're like a lot of people in the D.C. area with similar entrepreneurial pursuits, then there might be one question that is weighing heavier on your mind than others: is becoming a licensee better than becoming a franchisee?
While both business opportunities have their merits, they both also have their drawbacks as well, which should be carefully considered before signing a contract. Making these decisions will rely heavily on what type of business model you hope to achieve, how involved you want the parent company to be in your business and whether you want to pay franchising fees over the lifetime of your business.
More
So you're thinking of owning your own business. Great! But this decision has also left you with a number of legal questions as well as a number of general questions about which business option is right for you. If you're like a lot of people in the D.C. area with similar entrepreneurial pursuits, then there might be one question that is weighing heavier on your mind than others: is becoming a licensee better than becoming a franchisee?
While both business opportunities have their merits, they both also have their drawbacks as well, which should be carefully considered before signing a contract. Making these decisions will rely heavily on what type of business model you hope to achieve, how involved you want the parent company to be in your business and whether you want to pay franchising fees over the lifetime of your business.
More