When a business is owned and operated by a single individual who receives all of the profits and is responsible for all debts, it is known as a

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A proprietorship is a type of business owned and operated by a single individual who receives all of the profits and is responsible for all debts. A partnership involves two or more individuals, a corporation is a legal entity separate from its owners, and a conglomerate is a large, diversified company that may own multiple subsidiaries in different industries.

When a Business Is Owned and Operated by a Single