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 entity, where one person is responsible for all aspects of the business, including its profits and liabilities. This type of business structure is easy to establish and provides complete control to the owner, but it also means that the owner is personally liable for any debts incurred by the business.