ENTREPRENEURSHIP

Detailed explanation-1: -This process is referred to as buying a franchise. This legal agreement gives the franchisee, or franchise buyer, the right to sell the company’s products or services in a particular location, and for a specified amount of time. The franchise seller is called a franchisor.

Detailed explanation-2: -The franchisee is the individual who purchases the right to sell the franchisor’s goods or services using its existing business model and trademark.

Detailed explanation-3: -A franchise (or franchising) is a method of distributing products or services involving a franchisor, who establishes the brand’s trademark or trade name and a business system, and a franchisee, who pays a royalty and often an initial fee for the right to do business under the franchisor’s name and system.

Detailed explanation-4: -Master Franchise Agreement Along with the right and obligation to open a certain number of units within a specific territory, a master franchisee also has the right to sell franchises within their geographic location to other people.

Detailed explanation-5: -Under a franchise, the two parties generally enter into a Franchise Agreement. This agreement allows the franchise to use the franchisor’s brand name and sell its products or services. In return, the franchisee pays a fee to the franchisor.