According to www.dictionary.reference.com , A franchise is the right or license granted by a company to an individual or group to market its products or services in a specific territory. A better or complete definition of it is “A franchise is a particular legal form of organization in which the development of a business concept and its execution are undertaken by two different legal entities. What is key here is that: 1) there is a concept(food cart, beauty salon, etc.) and 2) they are bind legally through a franchise agreement.. However , in the Philippines , people usually associate a franchise to Jollibee or Mcdonalds.
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