Fix expense in the Franchise Agreement effortlessly

Aug 6th, 2022
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How to Fix expense in the Franchise Agreement

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[Music] good afternoon my name is jeff thompson im a senior partner in the law firm of the franchise and business law group ive been practicing franchise law for more than 35 years today im going to talk to you about the fees that you have to establish as a franchisor were going to look at your initial fee were going to look at the royalty you will charge and well look at your advertising fee and then a category called other fees looking first at the initial fee the initial fee is important but it isnt designed for you to make money on it isnt a profit center what youre trying to do is set the initial fee to cover your costs and those costs involve the professional fees of the attorney and the accountant itll cover your marketing costs putting together the materials and websites related to it and it will also cover your travel and your own salary or the cost for you to get that franchise sold you want all of those costs covered but youre not trying to make a profit out of t

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The franchise fee is recorded at its full present value amount. On the balance sheet, the franchise fee is listed under the assets section as an intangible asset. To record the initial franchise fee purchase cost, you debit Franchise Fee for $50,000 and credit Cash for $50,000.
When a franchisee pays a franchise fee to a franchisor, this payment can be considered an intangible asset. It is permissible for the franchisee to recognize this cost as an asset, since it is an asset acquired from a third party.
The ability to control a franchisees pricing is often set forth in the franchise agreement signed by the franchisor and franchisee. Sometimes, the franchisor reserves the right to determine a franchisees resale prices. Other times, the franchisee will have ultimate authority over its pricing.
A franchise cost can be an expense or can be an asset. A franchise expense, on the other hand, is a franchise cost that has expired or was necessary to generate revenues. For instance, the franchise cost of manufacturing equipment is originally treated as an asset.
Depending on your industry, your franchisor can offer assistance with things like: Finding the best deals on your equipment. Purchasing the right inventory and products. Installation and training on using the equipment.
Unlike your standard business expenses, these franchising fees are categorized by the IRS as Intangibles in Section 179 of the tax code. As such, you can deduct, both, the initial and ongoing franchising fees on your income tax return.
A franchisee can amortize the initial fee over 15 years. The same amount must be deducted each year, so the fee needs to be divided evenly. To do this, you would divide the initial fee by 15. If your agreement lasts less than 15 years, your amortization schedule for the fee will just last the contracts length.
Also known as non-current assets, long-term assets can include fixed assets such as a companys property, plant, and equipment, but can also include other assets such as long term investments, patents, copyright, franchises, goodwill, trademarks, and trade names, as well as software.
A franchise agreement will usually contain the franchisees obligations relating to performance criteria, payment of fees (royalties, marketing fees, training fees, transfer fees, termination fees, utility levies etc.), marketing, reporting, training, supply of products and services, territory etc.
There are three main types of franchise opportunities available, these are: Business format franchises. Product franchises, or Single operator franchises. Manufacturing franchises.

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