ENTREPRENEURSHIP

Detailed explanation-1: -Licensing is a business arrangement in which one company gives another company permission to manufacture its product for a specified payment. Licensing generally involves allowing another company to use patents, trademarks, copyrights, designs, and other intellectual in exchange for a percentage of revenue or a fee.

Detailed explanation-2: -What is trademark licensing? (1) Definition. In trademark licensing, a trademark owner (Licensor) grants permission to another (Licensee) to use that trademark on mutually agreed terms and conditions.

Detailed explanation-3: -Product licensing is a legal agreement between two organizations in which a product’s copyright holder allows another company to sell the product in a designated region. The company selling the product may compensate the rights holder through a flat fee, a percentage of sales or both.

Detailed explanation-4: -The party providing the intellectual property is called the licensor while the party receiving the intellectual property is called the licensee. In a licensing agreement, the licensee typically pays an upfront fee in conjunction with a royalty fee.

Detailed explanation-5: -A franchise is a joint venture between a franchisor and a franchisee. The franchisor is the original business. It sells the right to use its name and idea. The franchisee buys this right to sell the franchisor’s goods or services under an existing business model and trademark.