A business that is owned and operated by a single individual is known as a ______ proprietorship.
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A business that is owned and operated by a single individual is known as a ______ proprietorship.
A business that is owned and operated by a single individual is known as a sole proprietorship.
A sole proprietorship is the simplest form of business structure, where the owner is fully responsible for all aspects of the business, including liabilities and debts. This structure allows for complete control and decision-making authority by the owner, but it also means that personal assets can be at risk if the business encounters financial difficulties.