ENTREPRENEURSHIP

Detailed explanation-1: -A franchise is an agreement between two independent parties: the franchisor and the franchisee. One party (the franchisor) offers its business model, brand name, and intellectual property to another party (the franchisee) that will use the resources to start a business according to the existing system.

Detailed explanation-2: -A Franchise is: …in its’ simplest form is an agreement or license entered into by two parties, the franchisor and the franchisee.

Detailed explanation-3: -A franchise agreement is a legally enforceable contract between a franchisor and a franchisee. These agreements authorise a franchisee to open a franchise site while also granting the ability to use franchise-specific resources such as branding, business methods, and supplier sources.

Detailed explanation-4: -A legal document between the franchisor and franchisee which defines the roles and responsibilities of both the parties is known as Franchise Agreement. It is necessary to go through Franchise Disclosure Document (FDD) before signing the franchise agreement.