The Federal Trade Commission and various states have there own legal definitions of a franchise, and they vary somewhat from state-to-state. However, the franchise definition generally includes 3 elements. It is an ongoing business relationship in which:

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When purchasing a franchise, the best approach is to assemble a team of knowledgeable advisors. This applies whether you are planning to purchase an existing franchise location or planning to open a new franchise operation. Your team of advisors ordinarily should at least include a franchise attorney and certified public accountant (CPA). Your team may also consist of a franchise broker or franchise consultant, financial advisor or others.

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Some franchise-related disputes are caused by unruly franchisees, while others are caused by franchisors that do not focus enough on helping existing franchisees achieve happiness and success.

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There are three important areas of franchise law compliance: (1) Franchise Disclosure Laws, (2) Franchise Registration Laws, and (3) Franchise Relationship Laws.

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