Question

what is the business owned by a single person called​

Answer 1

Answer:

A sole proprietorship, also known as the sole trader, individual entrepreneurship or proprietorship, is a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the business entity.

Answer 2

Answer:

"Sole proprietorship" is a type of business owned by a single owner.

Explanation:

Sole proprietorship:

A sole proprietorship is a business that is owned and run by a single owner. in this type of business single person is the owner and pays tax on his own name on the profit earned.

Characteristics of a sole proprietorship:

• It is the easiest form of a business with nominal rules and regulations.
• Singal owner in sole proprietorship has to incur all risks and have to organize a whole business.
• In a sole proprietorship, there is limited growth in the venture because of limited skills and investment.
• There is a sole right on the capital earned or invested in the business and a single person is liable.

For more information see:

https://brainly.in/question/31664321#:~:text=The%20three%20characteristics%20of%20sole,considered%20a%20separate%20legal%20entity.

https://brainly.in/question/5232775