STARTING A BUSINESS / FRANCHISES / PARTNERSHIPS

Franchise

A franchise is a license that gives the person buying the ability to use trademarks, fees, and support from an established business.

Franchisee

A person who buys a franchise

Franchisor

An individual or organization granting a franchise

Go bankrupt

Become unable to pay what you owe.

Partnership

Business in which two or more persons combine their assets and skills.

Sole trader

Business owned and operated by one person

Bankruptcy

Condition under which a person or corporation is declared unable to pay debts

Term of Agreement

Contract that establishes a fixed period of time for the relationship.

Branch out

Expand in a new direction.

From scratch

From the beginning / nothing

Franchise Fee

Most franchisors will require a fee to start operating under their name and using their trademarks and proprietary information.

Set up (a business, a company)

Start

Trademark

Symbol, word.s legally registered or established by use as representing a company or product.

Budding entrepreneur

Young business person starting up a business.