The origin of the word franchise come from Anglo-French, meaning “freedom, liberty.” This concept was seen in the Middle Ages, when a local landowner would grant rights to serfs to use areas of land (for hunting, holding markets, or doing business.) Both the serfs and the landowners would benefit from this arrangement. Decades later, the concept and practice of franchising evolved and changed with economic structures and regulation by the law.
In Ontario, a Franchise Disclosure Document (FDD) ensures owners (a.k.a franchisors) give potential buyers (franchisees) detailed information about the franchise before the buyer signs a contract or makes any payments. The document includes details about: the franchisor (such as, business background and financial statements) as well as the franchise offer (such as costs, restrictions, training, etc.)
Franchising remains a powerful model for people to develop business success and potential profit. It is a way still focused on the original meaning of “freedom, and liberty.” Franchising is a thriving business, and it can be seen in the millions of customers who visit a franchise location – but this does not mean it comes without risks. Not only financial risk but potential disputes.
Law Works is a franchise regional boutique law firm, who advise and represent international and Canadian franchisors, master franchisees and multi-unit franchisees. Local expertise makes them an asset in franchise dispute in Vaughan. Whether you require services focused on franchise law or business disputes: Law Works is the team of professionals you want on your side.