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Business ownership refers to the legal structure under which a business operates, determining responsibilities, liabilities, and the way profits are shared. The most common forms include sole proprietorship, partnership, limited liability company (LLC), and corporation. A sole proprietorship is owned and managed by a single individual. Its main advantage is simplicity; it is easy to establish, has minimal legal requirements, and the owner retains full control over decision-making. Profits are directly received by the owner and are taxed once as ______ ___ ___ ___ ________ ______ ____ ____ ________ __________ ______.
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