True or false:
1. Some people, uncomfortable with the idea of starting their own business from scratch, would rather join a business with a proven track record through a franchise agreement.
2. A franchise agreement is an arrangement whereby someone with a good idea for a business (the franchisor) sells the rights to use the business name and sell a product or service (the franchise) to others (the franchisees) in a given territory.
3. A franchise can be formed as a sole proprietorship, a partnership, or a corporation.
4. Franchises provide distinct advantages of starting and managing a small business, but there are potential drawbacks as well.
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