Disclosure Requirements

Before a franchise agreement is signed, a franchisor must:

provide a "Disclosure Document" and the a copy of the Code to a prospective franchisee at least 14 days before the agreement is made or renewed; update the Disclosure Document annually;
receive from the franchisee a signed statement that they have received advice about the proposed agreement from an independent legal or business adviser or independent accountant. It's possible to choose not to receive advice, but this is not recommended.

If you are a franchisee (ie; you own a franchise) and want to sell it, then you have to give the prospective purchaser a different type of Disclosure Document. Some of the issues that this document must cover are:

the last ten years' business experience of the franchisee and its directors;
a copy of the existing franchise agreement and any property lease;
details of the assets of the business to be transferred;
profit and loss statement for the last two years;
details of the employees and their pay.