Answer:
a contractual arrangement between a parent company and another entity that is allowed to operate a business under an established name.
Explanation:
Franchise is a license consisting of a contractual arrangement between a parent company and another, that allows individuals or an organization access to its knowledge, processes, trademarks in order to provide a service.
One of the main advantages of a franchise is that, franchisers such as McDonald do not require additional capital and development expenses to have their businesses being situated in a foreign market or country, as they only required to issue licenses to franchisors who are interested in being part of their business by paying a fee.
Hence, franchise is a license that allows individuals or group of people knowledge, processes, trademarks to provide a service.
In conclusion, franchising involves a contractual arrangement between a parent company and another entity that is allowed to operate a business under an established name
