A business structure known as a sole proprietorship is one in which just one person owns and runs the company. It is the most straightforward and typical type of corporate ownership. In a sole proprietorship, the owner is fully in charge of the firm, makes all the decisions, and is responsible for all the risks and obligations. The owner is personally liable for the company's debts, losses, and legal responsibilities. Small enterprises and independent contractors that wish to launch their own endeavours with a minimum of paperwork and legal requirements can choose this company structure.