http://www.ericperkinslaw.com/index.php en eric@ericperkinslaw.com Copyright 2010 2010-08-25T19:30:07+00:00 http://www.ericperkinslaw.com/index.php/whats-new/post/franchisors_continue_to_offer_concessions_to_attract_prospects/ http://www.ericperkinslaw.com/index.php/whats-new/post/franchisors_continue_to_offer_concessions_to_attract_prospects/ Many franchisors continue to have a tough time selling franchises and are offering discounts, financing assistance, no-royalty periods, and other creative concessions to attract prospective franchisees.  One recent example is Fantastic Sams, which just announced a significant reduction in its initial franchise fee.  Read more here:  The Salt Lake Tribune (Utah). Franchising 2010-05-19T19:36:43+00:00 http://www.ericperkinslaw.com/index.php/whats-new/post/kudos_to_the_state_of_wisconsin--electronic_franchise_registration_filing_s/ http://www.ericperkinslaw.com/index.php/whats-new/post/kudos_to_the_state_of_wisconsin--electronic_franchise_registration_filing_s/   The Wisconsin Department of Financial Institutions recently became the first state in the nation to announce the debut of an electronic filing system allowing franchisors to submit registration applications online. The new filing system is scheduled to go online this month. Online filings should improve efficiency, thereby saving franchisors time and money as they navigate the registration process in order to sell franchises in the state of Wisconsin.  Hopefully, the other dozen or so "registration" states will follow suit. For additional information, please see the Wisconsin Department of Financial Institution’s website at: www.wdfi.org/fi/securities/franchise/. Franchising 2010-01-03T18:50:25+00:00 http://www.ericperkinslaw.com/index.php/whats-new/post/see_eric_perkins_quoted_in_richmond_times_dispatch_franchising_article/ http://www.ericperkinslaw.com/index.php/whats-new/post/see_eric_perkins_quoted_in_richmond_times_dispatch_franchising_article/ The cover story in Section D (Moneywise) of today's Richmond Times Dispatch is an article by Iris Taylor discussing the franchise industry's performance in 2009 and its outlook for 2010.  Richmond franchise attorney Eric Perkins is quoted in the article and offers several tips for those considering buying or starting a franchised business.  Read the story online at  http://www2.timesdispatch.com/rtd/business/local/article/FRAN03G2_20100102-182405/314980/. Franchising 2010-01-03T18:36:48+00:00 http://www.ericperkinslaw.com/index.php/whats-new/post/perkins_recognized_for_franchising_work/ http://www.ericperkinslaw.com/index.php/whats-new/post/perkins_recognized_for_franchising_work/ Richmond business attorney Eric Perkins was recently selected by his peers for inclusion in The Best Lawyers in America® 2010 in the field of franchising (Copyright 2009 by Woodward/White, Inc., of Aiken, S.C.). Franchising 2009-08-09T01:35:10+00:00 http://www.ericperkinslaw.com/index.php/whats-new/post/franchisor_alert--be_on_the_lookout_for_ny_state_dept._of_taxation_and_fina/ http://www.ericperkinslaw.com/index.php/whats-new/post/franchisor_alert--be_on_the_lookout_for_ny_state_dept._of_taxation_and_fina/ As a result of recently enacted legislation in New York, franchisors will be required to submit annual transaction information electronically to the NY State Department of Taxation and Finance pertaining to their New York franchisees.  The required information includes:  (i) gross sales of franchisees as reported by franchisees to the franchisor; (ii) total amount of sales by the franchisor to the franchisees; (iii) any income reported to the franchisor by each franchisee; (iv) the franchisee's name, address, certificate of authority, or federal identification number; and (v) any other information required by the state tax commissioner. Last month, franchisors began receiving initial requests from New York Dept. of Taxation and Finance officials for franchisee name and address information.  Generally speaking, the new franchisor information returns will be due annually on March 20, but the first wave of returns under this new law (for the period from March 1, 2009 through August 31, 2009) are due on September 20, 2009. Grumblings within the franchise community have already started to emerge.  Concerns range from the obvious--increased compliance costs and audit risk--to "bigger picture" concerns such as the potential impact of this new law on state sales tax nexus arguments detrimental to franchisors. For franchisors with franchised locations in the state of New York, check your mailbox for a letter from the NY State Department of Taxation and Finance.  For new franchisors considering where to expand, take note that the cost of franchising in New York appears to have just gone up.  Stay tuned for further developments. Franchising 2009-06-27T16:12:36+00:00