What is a sole proprietorship? A sole proprietorship is a type of business structure where an individual owns and operates the business as a single entity. It is the simplest form of business ownership, requiring no formal legal procedures or registration with the government. As a sole proprietor, you are personally responsible for all aspects of the business, including its debts and liabilities. This means that your personal assets are at risk if the business runs into financial trouble. One of the key advantages of a sole proprietorship is the ease of setup. Unlike other business structures, such as partnerships or corporations, there is no need to file any formal…