Legal definition of franchise
Corporate Finance & Taxation Legal Terminology
is a business method where independent owners buy and operate someone else’s well known business under license agreement to distribute goods or services.
A franchisee must continue his business according to the established standards and practices of the franchisor.
A franchisee pays the proprietary owner an initial fee and royalties for use of the company’s method of business. Most commonly known franchises include McDonalds, Gymboree, Baskin-Robbins Ice Cream, Blockbuster Video, Diary Queen, Jenny Craig Weight Loss, KFC.
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