Buying Franchise

[BootcampFIt]

I am purchasing a small personal training gym. I need to know how I should form my business entity. Either llc or s-corp. Also I will be aquiring more locations with the intent on taking the company national, what things should I be dmemanding from the franchiser? Should I get a first right of refusal contract signed with the owners and myself for first pick of any locations?

[bizdev]

I am purchasing a small personal training gym. I need to know how I should form my business entity. Either llc or s-corp. Also I will be aquiring more locations with the intent on taking the company national, what things should I be dmemanding from the franchiser? Should I get a first right of refusal contract signed with the owners and myself for first pick of any locations?

Huh? You're buying a franchise but YOU want to take in national? Isn't that up to the franchisor? Or are you buying the entire company from the current owner of the franchise business? You're not buying INTO the franchise as a franchisee? You say you want to aquire more locations which leads me to think you are buying in as a franchisee.

As for first rights of refusal, it all depends entirely on what is in the UFOC and final contract.

As for what type of entity you should form, speak with an attorney and an accountant for personalized advice. We might be able to tell you the advantages and disadvantages of one or the other, but if you are serious about buying a franchise you need professional advice.

[BootcampFIt]

Let me be more clear. Im purchasing the entire company. I will be the owner/president.

[bizdev]

Is it already set up as a franchise? Or is this a small gym that you hope to franchise and offer to franchisees?

[BootcampFIt]

It has been set up as a franchise with 5 current locations.

[bizdev]

what things should I be dmemanding from the franchiser? Should I get a first right of refusal contract signed with the owners and myself for first pick of any locations?

Ok, well I think if I ask about 50 more questions I might finally understand your question (is it just me?)....

What do you mean "what things should I be demanding from the franshiser"?
since the company is already set up as a franchise, the UFOC and franchise contract should already be set up. You wuoldn't need to "demand" anything. (I'm assuming there you are speaking of the current and future franchisees.)

As for first right of refusal, again check what is spelled out in the UFOC.

And finally, you better get yourself hooked up with an attorney. You cannot do this on your own with advice gotten from a forum.