What is a primary form of individual business ownership?

A sole proprietor represents a primary form of individual business ownership because it is owned and operated by a single individual. This structure allows the owner to have complete control over all decisions and the management of the business. It is often the simplest and most common structure for new businesses, enabling entrepreneurs to start their operations without the complexities associated with forming a partnership or corporation. The sole proprietor enjoys all profits and is also responsible for all debts, making this form of ownership straightforward and easily manageable in terms of tax filing and regulatory requirements.

The partnership involves two or more individuals sharing ownership, therefore it doesn't qualify as an individual form of business ownership. Corporations are separate legal entities owned by shareholders, which provides limited liability but requires more formalities and regulations. A franchise, while it allows individuals to operate a business under a recognized brand, is not an independent ownership structure like a sole proprietorship, as the franchisee operates under the terms set by the franchisor.