Franchise
Definition
1. A relationship wherein a business organization, called a franchiser, in exchange for a fee and with the franchisor's guidance, allows another business, called the franchisee, to operate under the franchiser's trade name and offer the franchiser's products or services.
2. A right conferred by the government to operate as a legal business entity or provide some service of a public nature in a certain geographic region.
See also
Definition from Nolo’s Plain-English Law Dictionary
1) A right granted by the government to a person or corporation, such as a taxi permit, bus route, an airline's use of a public airport, business license, or corporate existence. 2) To grant (for a periodic fee or share of profits) the right to operate a business or sell goods or services under a brand or chain name. Well-known franchise operations include McDonald's, Holiday Inns, Ace Hardware, Rexall Drug Stores, and Amway Distributors.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:16 pm
