Franchises and Chains

There are two words that could be confused one is franchise and one is chain now the difference is will I understand a chain as being a different restaurants owned and run which means managed by the same company. A franchise is similar but there's actually a manager who's taking most of the profits and he pays a license fee to the umbrella company do you agree with that? You have to meet the company's standards so you can't really make many changes you have to follow the company practice and the company line ah exactly that's how I understand it.