ENTREPRENEURSHIP

Detailed explanation-1: -A licensing fee is a sum of money paid to another entity for a certain right. For example, individuals or companies may pay licensing fees to a government agency for the right to perform professional services or engage in a particular line of business.

Detailed explanation-2: -Licence fee is a type of non-tax revenue.

Detailed explanation-3: -On compiling we can say that “Royalties are usage-based payments from one party to another. Licensing fees are paid as part of an agreement that define the terms under which a tangible property is licensed for use by one party to another.” The major difference between licensing and royalty is on the payment system.