At a prior firm, I represented a few franchisees of a major quick serve restaurant chain (that's fast food to you and I). This was some interesting work, especially when you had to deal with the relationship between franchisor and franchisee. But, many people, including some of the franchisees, were unsure of what was what in franchise-world.
Small Business Brief provides a great list of definitions involved in franchise work. For example, company owned means a unit, or store, is owned by the franchisor. Designated suppliers are the suppliers who have an exclusive agreement to provide the franchisees with supplies. So most of this is common sense, but if you want to buy a franchise, you need to do your homework. This gives you a good start.