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Simple English definitions for legal terms
franchisor
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A quick definition of franchisor:
Franchisor: A person or company that allows someone else to use their business name, products, and methods in exchange for payment. This person or company is called a franchisor. They give permission to others to open their own businesses using their brand and business model.
A more thorough explanation:
Franchisor
A franchisor is a person or company that grants a franchise to another person or company. They are responsible for providing the franchisee with the necessary tools, training, and support to operate the franchise successfully.
- McDonald's is a franchisor that grants franchises to individuals who want to open a McDonald's restaurant.
- Subway is another example of a franchisor that grants franchises to people who want to open a Subway sandwich shop.
These examples illustrate how a franchisor grants a franchise to someone who wants to open a business. The franchisor provides the franchisee with the necessary tools, training, and support to operate the franchise successfully. In return, the franchisee pays the franchisor a fee and a percentage of their profits.