What business entity refers to a business owner who has not formed an entity to run the business?

Question

Quizplus · Accepted Answer

A sole proprietorship is a business owned and operated by a single individual, without forming a separate legal entity. The individual is responsible for all aspects of the business and its debts and liabilities. Therefore, the correct option is C - sole proprietorship. Option A, sole practitioner, typically refers to an individual who provides professional services as an independent contractor or freelancer. Option B, self-employed, can include various forms of business entities, such as sole proprietorships, partnerships, LLCs, or corporations. Option D, nonentity small business, is not a recognized term or business entity.

What Business Entity Refers to a Business Owner Who Has