A business that is owned and operated by a single individual is known as a Sole proprietorship.
Business refers to the organization which is meant for producing or manufacturing a product or purchasing and selling of the product. It is involved in all the commercial activities in order to generate maximum profits in the business.
Sole proprietorship refers to the business entity in which the single person carries the day to day activities of the business. It is no separate legal entity. For example :- a person who owns the grocery shop.
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