A sole proprietorship is a business that is owned and operated by a single individual.
The owner of a sole proprietorship is personally responsible for all debts and obligations of the business
This type of business structure is relatively easy and inexpensive to set up, and the owner has complete control over all aspects of the business
However, because the owner is personally liable for the debts of the business, a sole proprietorship may not be the best choice for businesses that are at risk of incurring significant liabilities