What is a business owned and run by just one person?

Answer 1

A business owned and run by just one person is called a sole proprietorship. This type of business structure allows the individual to maintain complete control over operations and decision-making while also being personally responsible for all debts and liabilities. Sole proprietorships are often easy to set up and operate, making them a common choice for freelancers, consultants, and small business owners. However, the owner’s personal assets are at risk in case of business-related financial issues.