How to Find a Franchise's FDD for Free
Some state regulators let you download a filed Franchise Disclosure Document (FDD) for free. A search result may show only registration details, and a filed copy may not be the version a franchisor is currently using. Use the state filing to research the offer, then confirm the document’s issue date and any amendments.
Where can I find a free FDD?
Start with an official state search. These portals can locate a franchise registration or filing. A registration record does not necessarily include a downloadable FDD; document availability differs by regulator.
| State | Regulator | Where to search |
|---|---|---|
| Wisconsin | Department of Financial Institutions | Franchise search |
| California | Department of Financial Protection and Innovation (DFPI) | DFPI search, filtered to franchises |
| Minnesota | Department of Commerce | CARDS franchise registrations |
| Indiana | Secretary of State, Securities Division | Public portfolio search |
How do I find an FDD in Minnesota CARDS?
Use Minnesota’s CARDS franchise registration search for public filing documents. Search the brand name and the franchisor’s legal name, then check the available documents for the FDD and its cover date. The Minnesota Department of Commerce says CARDS contains registration documents from the last 10 years. Its separate ComOnline system shows franchisor information and registration status. A ComOnline status result is not the FDD. If CARDS does not provide the document you need, request the current copy from the franchisor.
A few things make the search work:
- Search by the franchisor’s legal name. The company that sells franchises is often a separate entity from the brand, with a name like “Brand Franchising, LLC.” Try both the legal name and the trade name. You can usually find it on the franchise sales page of the brand’s website, or on the cover of any earlier FDD.
- Try more than one state. A franchisor files only in the states where it sells or where the law requires it, so a brand missing from one database may be in another.
- Pick the newest filing. A search can return several years of registrations, renewals and amendments. Open the most recent relevant one and check the issuance and amendment dates on the FDD’s cover. Filing dates alone do not prove that a document is the newest version or that it covers the format you are considering.
Indiana’s registration search warns that its results are not exhaustive. If a search gives only registration details, ask the regulator about access to the filed document or request the FDD from the franchisor. Do not treat a missing search result as proof that a franchise is unregistered.
How do I know whether the FDD is current?
A franchisor must prepare a revised FDD within 120 days after its fiscal year ends (16 CFR 436.7). For a franchisor whose fiscal year ends December 31, that means a new FDD by the end of April. In late winter and spring, a state database may still show last year’s document, and a state’s copy can lag behind the version the franchisor is using. The issuance date on the cover tells you which one you have.
A state copy can also include state addenda: pages that change some contract terms for buyers in that state. The 23 Items are the same.
Do I still need the franchisor’s FDD?
Yes. A downloaded state filing helps with research, but for a sale covered by the federal disclosure rule, the franchisor must give you the FDD at least 14 calendar days before you sign a binding agreement with, or make a payment to, the franchisor or an affiliate in connection with the proposed sale (16 CFR 436.2). The last Item, Item 23, is a receipt page you sign to confirm when you received it. If the franchisor later changes the agreement on its own in a material way, it must give you the revised agreement at least seven calendar days before you sign it. Changes resulting from negotiations you initiate do not trigger this additional period. The federal rule has exemptions.
Asking the franchisor is also the surest way to get the current version, including any quarterly revisions for material changes that the rule requires it to attach (16 CFR 436.7).
What to read first
The full PDF includes all 23 Items, financial statements and the contracts. Financial statements generally must be audited, with a phase-in exception for qualifying startup systems (16 CFR 436.5(u)), so the document often runs to hundreds of pages. Start with the cost Items (5, 6 and 7), then the earnings figures in Item 19 and the openings and closures in Item 20. Our guide to reading a Franchise Disclosure Document explains what each Item covers.
FDDs on this site
Every franchise page names the state filing we used, links to it, and lists the page number for each Item we cite, so you can open the same PDF and check our figures. If the brand you want isn’t covered yet, request it.
