Answer:
sole proprietorship
Explanation:
The sole proprietorship is the most popular form of business ownership in the US. In the sole proprietorship, the business is owned and managed by one person. The owners enjoy all the profits on their own but also incur all the losses and liabilities.
A sole proprietorship is popular because of its ease of formation and operation. The owner only requires to register the business with the local authorities. They do not need to pay extra taxes as the business income is his income. The sole proprietor is the boss and makes all the important decisions regarding his or her business. The biggest disadvantage with sole proprietorships is that the owner has unlimited liabilities to the debts of the business.
