ED Magedson – Founder
Instant Tax ServicesOne South Main Street - Suite 1400 Dayton, Ohio United States of America
Section 3 which still leaves room for the franchiser to create a website system or other franchise that can compete with me. Section 4, stating a 5 year renewal. Section 7 which states I must get approval for space prior to construction, that I must have my office opened by Jan 3rd, must have approval for any advertising except for approved advertising, must keep office open during normal business hours during tax season and at least one day a week, and having to prepare at least 300 returns during the second year and 500 thereafter. Section 8 advising that I cannot compete with the franchise while a franchisee and for 2 years after. Section 11 discusses reporting each month, 5 business days to provide report of sales, 10 business days for profit and loss statement and each year 90 days after end of year for an annual profit and loss statement. Section 12 regarding audit, having to submit copies of all records to corporate and having to pay amounts found owing plus all audit costs if sales are short by 2% or more. Section 13 your marketing cooperative, having to be forced to contribute as determined by franchiser with a cap of 10k the first year and 20k the second. Section 15 regarding insurance and having to carry workers compensation as well as listing franchiser and TCA as additional insured. Section 17 regarding the right of first refusal which if I decide to sell giving the franchiser 30 days right of first refusal. Section 18 having owners sign a guaranty and restriction agreement as well as restricting transfer of ownership without franchiser approval. Section 19 which states I cannot terminate unless franchise materially breaches its obligations for 60 days after I provide notice of failure. Sections 20 and 21 where I can be terminated for violating a large list of requirements. Section 22 waiving the right to claim any damages except for actual damages. Section 23 where the franchiser is allowed to seek a judicial remedy. Section 25 where the franchiser has the right to purchase my office upon termination of the franchise agreement for any reason, again limiting my right to sell other products. Section 37 limiting my right to bring a claim.
This report was posted on Ripoff Report on 11/22/2009 10:03 AM and is a permanent record located here: http://www.ripoffreport.com/r/Instant-Tax-Services/Dayton-Ohio-45402/Instant-Tax-Services-TCA-Financial-LLC-Instant-Tax-Will-Keep-Your-Money-Hostage-Dayton-O-527167. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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