In a sole proprietorship, there is only one owner. A sole proprietorship is a type of business structure in which a single individual owns and operates the business, and is personally responsible for all aspects of the business, including making business decisions, managing the day-to-day operations, and assuming all financial risks. The owner is also entitled to all of the profits generated by the business.
One of the main advantages of a sole proprietorship is that it is relatively simple to set up and operate, as the owner has complete control over the business. However, it can also be risky, as the owner is personally responsible for any debts or liabilities incurred by the business.
If you are considering starting a business and are not sure which type of business structure is right for you, it is a good idea to seek the advice of a business lawyer or accountant, who can help you understand your options and the pros and cons of each type of business structure.