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.
