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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Jessica E SanfordAttorney at LawPRACTICE AREA: Personal Injury, Insurance Litigation, Litigation
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The Boston GlobeUnder the voter-passed law, the pot tax rate is 3.75 percent — in addition to the state's 6.25 percent sales tax, and municipalities can impose an additional two percent tax. That would mean a $100 pot brownie purchase could carry a state and local ... more »
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