When companies or personalities sell the rights to put their names on products they are considered as licensed.
An formal authority or approval to do, use, or own anything is known as a license.
As a component of an agreement between those parties, one party grants a license to the other party. In the case of a government-issued license, obtaining one requires applying. Private parties are covered by a specific agreement, typically in writing. Authorities may provide a license to permit an activity that would otherwise be prohibited. It can include making a payment or demonstrating your ability. The requirement might also be used to tell the authorities about a certain action and give them the chance to impose restrictions and limits.
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