Franchises are rights and privileges granted to sell a service or product in specified manner. These rights are usually granted by a distributor or manufacturer. The franchisee must pay a franchise fee for such right. In addition, the franchisee is typically required to use the franchisor’s products. The franchisee also usually receives other benefits from the franchisor, such as advertising. Examples would be major sports teams or example, McDonald’s restaurants. The accounting for franchises is handled the same as those for patents and copyrights.

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