The simplest form of business owned and operated by one person is called a (n) a. S-corporation. b. partnership. c. syndicate. d. sole proprietorship. e. franchise.

Answer: D) Sole Proprietorship

Explanation:

Sole proprietorship is a business enterprise owned, managed, financed and controlled by an individual for the purpose of making profit.

Advantages

1) Decision making is fast

2) All profit belongs to the sole proprietor (business owner)

3) Little capital can be used to start-up the business.

Disadvantages

1) Lack of adequate finance

2) Death of the business owner might lead to death of the business

3) The sole proprietor bears the risk of loss alone.