What is true statements about a sole proprietorship?

A sole proprietorship is a business owned and operated by a single individual, making it the simplest and most common form of business organization. The owner retains complete control over decision-making and receives all profits, but is also personally liable for all debts and obligations of the business. This structure requires minimal regulatory burden and is often easier to establish and dissolve compared to other business forms. However, the lack of liability protection can pose significant financial risks to the owner's personal assets.