Question

A legal and binding form of business ownership whereby someone with a good idea for a business sells the rights to use the business name and sell a product or service to others in a given territory is known as a(n)

Answer 1

The right approach is "Franchise Agreement".

Step-by-step explanation:

• A franchise agreement would be a legally binding system of management out the structure of the contract between the franchise system as well as its owner.
• Throughout compensation again for the acquisition of a franchise, this same franchisor generally gets an actual opening service charge as well as a yearly processing fee.