What is a business owned by one individual called?

Answer 1

propreitorship

answer #2

It may be any form of business, a proprietorship, a corporation or a limited liability corporation. In a single owner situation for the corporate or LLC structures one person owns all of the stock. Obviously it can't be a partnership since a partnership assumes more than one partner. The corporate sturcture is often used bu individuals for allow som protection for their assets although the income may have some tax implications as corporate income and then personal income.

Answer 2

Ownership and operation of a company does not directly determine the legal structure of the company. When a company is established, it can either be established as a separate legal entity with a separate Tax ID number or run under an individual's Tax ID number. When a company is run under an individuals Tax ID number, it takes on a "fictitious name" and is run as a Sole Proprietorship. A business run as a separate legal entity such as a corporation or a Limited Liability Company (LLC) can still be owned and operated by a single person. There are typically tax and legal benefits to setting a company up as a separate legal entity, but sometimes the costs involved lead the individual to run the business as a Sole Proprietorship.

Answer 3

sole proprietorship

Answer 4

This is called a sole proprietorship.