A franchise license helps create the commercial and contractual relationship between franchisor and franchisee. It passes on certain rights to the franchisee to use the name, logo, and identity of the established brand in order to start a branch of the franchise.
Accordingly, what is a franchise in simple terms?
In its most simple definition, a franchise is a business opportunity that allows the franchisee (possibly you) to start your business by legally using someone else's (the franchisor's) expertise, ideas, and processes.
What is the definition of a franchise business?
Definition: A continuing relationship in which a franchisor provides a licensed privilege to the franchisee to do business and offers assistance in organizing, training, merchandising, marketing and managing in return for a monetary consideration.
What is the meaning of a franchise in government?
a privilege of a public nature conferred on an individual, group, or company by a government: a franchise to operate a bus system. the right or license granted by a company to an individual or group to market its products or services in a specific territory.