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A 'franchise' can be a right granted by the government; for example, to vote. The popular meaning involves a type of business in which a business owner receives a license from a corporation to conduct a commercial enterprise. The 'franchisee' (i.e., the person who purchases the franchise license) has the right to market a well-known product or service. This right is received after payment of an initial fee and pledge of a percentage of gross receipts to the 'franchiser' (i.e., the corporation that grants a franchise license).
Beside the name recognition, a benefit in buying a franchise rather than creating an independent business establishment is that the franchiser generally assists with merchandising and advertising.
Major franchises include fast food restaurants, motels, gas stations, auto dealerships, coffee shops and real estate agencies.
Before buying a franchise or entering any type of business arrangement, you should talk with a lawyer, who will review the contracts and point out issues that will save you time and money in the long run. Try LegalMatch to find you a pre-screened business lawyer in your local area! Your query is free, and if you wish, anonymous. There is no obligation to hire a prescreened lawyer recommended by LegalMatch.
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