Mich. Admin. Code R. 445.511 - Consolidated and separate statements
Rule 511.
(1) When
a franchisor owns, directly or beneficially, a controlling financial interest
in another corporation, the financial statement required to be filed shall
reflect, on a consolidated basis, the financial condition of the franchisor and
each of its subsidiaries.
(2) A
separate financial statement shall be required for each franchisor or
subfranchisor filing for registration or exemption in this state.
(3) A company controlling 80% or more of a
franchisor shall be required to file its financial statement for review by the
administrator, and the financial statement shall not be included as part of the
prospectus except as provided by
R
445.512.
(4) A consolidated and separate financial
statement shall be prepared in accordance with generally accepted accounting
principles.
Notes
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