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Intent To Form Corporation By Franchisee
INTENT TO FORM CORPORATION BY FRANCHISEE
The franchiser, [Name of the franchiser], and the franchisee, [Name of the franchisee], as set forth in their franchise agreement on [Date of the agreement] and as witnessed by [Name of the witness], have agreed to the following additional terms and conditions:
The franchisee will duly create corporation and shall be known as [Name of business]. Franchise will conduct business under said business name and will be used for the franchisees sole use in the following number of days , until satisfactory completion of franchisees training program if and when that said franchisee desires to sell any stock in the formed corporation the franchisee will maintain franchisee's said name and franchisee will control at least [Percentage of control] percentage and [Percentage of voting stock] percent of voting of corporation stock. If the franchisee has less than percent of voting stock than franchiser will reserve the ability to negate agreement.
In the case of franchiser allowing any other franchises to function beyond areas determined in agreement, franchisee will control under at least [Minum Percentage] percent of the voting stock of any and all corporations and or corporations formed outside and beyond determined area in prior agreement.
Franchisee must produce a list of any and all potential shareholders and the amount each potential shareholder will hold upon delivery of corporate charter. Franchisee must include names, addresses of all potential shareholders and all must be free of ill character or repute.
Franchisee must include date and state of incorporation and any capital invested in said corporation. Franchisee must duly advise franchise of any alterations or changes in shareholdings or shareholders prior to changes being employed.
Franchiser Dated
Franchisee Dated
Witness Dated
Witness Dated