Franchise (noun)

1. A right or license granted by a company to an individual or group to market its products or services in a specific territory.
2. A business or service that is operated under such a right or license.
3. The right to vote in a particular electoral district or election.

Origin:

Mid 16th century (in the sense "freedom, immunity from jurisdiction"): from old french, from franc "free" + -ise (equivalent of -ize).

Examples:

1. The company offered a franchise opportunity.
2. He owns a franchise of the fast food chain.
3. The franchise agreement was signed.
4. The franchise owner is responsible for the day-to-day operations.
5. The franchise fee was high.