Final answer:
A business that operates under a parent corporation in exchange for promotional and management support is known as a franchise. It is distinct from a partnership, sole proprietorship, or corporation.
Step-by-step explanation:
An operating agreement in which a business functions under a parent corporation in exchange for promotion, advertising, and management is known as a franchise. In this business model, the franchisee pays a fee and often an ongoing royalty for the right to do business under the franchisor's name and system. This is different from other business structures such as a partnership, where two or more people share ownership and management; a sole proprietorship, which is owned by one individual who is responsible for all debts and profits; and a corporation, which is a formal legal entity that can sell shares to raise capital and may either be public or private.