When buying a franchise, think before you convert your existing business to a franchise. If you have an existing business, you may discover opportunities to convert your business to a franchise--to get the benefits of a "well known brand", to gain "purchasing power", or to gain advertising and support. You may even be tempted because of the attractiveness of the package.
Why would you spend the time and money to set up a legal entity--a corporation or LLC (Limited Liability Company)--if you did not plan to use it? It seems that almost weekly we learn that people have a legal entity they paid for--but they never took the steps necessary to properly transfer their business or its assets into the entity.