Licensing of Intellectual Property (Franchisors) Summary

Licensing of Intellectual Property (Franchisors)
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Licensing of Intellectual Property (Franchisors)
Introduction
In the contemporary business world, there is a lot of competition brought about by other businesses dealing in the same line of products and goods. Companies run in line with existing laws that are set in place in the respective countries of operation. In this light, businesses have to devise ways to increase their chances of survival and growth in the cut-throat competitive industries. As enterprises create ways of survival, they must consider the environment they operate; for example, businesses must comprehensively analyze the legal scope and subsequently make the best decision for business growth and survival. In this regard, if the company wants to form a franchise, the franchisors have to consult a legal expert who guides them on their intellectual property rights and subsequently makes them understand the terms of their operations (Leone et al., 2020). Therefore, it is essential to note that from different business models, including the franchisors, the legal requirements that businesses must adhere to the legal requirements that involve their specific line of operations.
With technological advances, intellectual property rights as a discipline of law have grown over time. The growth in intellectual property has been realized because businesses have to build brands and specifically on the benefits of owning such brands. For example, some brands are internationally recognized while other brands have no international recognition. Businesses with well-known brands have the upper hand in penetrating new markets and subsequently attract new and potential customers because the existing customers have good faith in these known brands (Leone et al., 2020). A brand's success is solely dependent on how these businesses maneuver the cut-throat competitive business environments. What are some of the ways a company may take to be better placed in the market to enhance growth and survival? Businesses may decide to sell or grant permission to other companies to use their trademarks and business models (Parr,2018). The license granted to the other firm to sell goods and services is the business's basic franchise model. In this light, the company that sells or gives the subsequent business permission to use its trademarks and business model is the franchisor. In contrast, the business or corporation that owns and subsequently operates the company using the franchisor's trademarks or business model is the franchisee.
To comprehensively analyze intellectual property law's licensing while considering the franchisor, a franchisor's franchising union's roles are comprehended. In this regard, the primary role that the franchisor performs is to grant the franchisee the permission and rights to operate the business under the franchise model, trademark, and service mark while enforcing the brand's standard of the systems. Additionally, through their legal expert, the franchisors should provide training to the franchisee and their management as they highlight the critical scopes and aspects of the intellectual property that the franchisor offers as ...