Which form of ownership involves no formal registration and is run by one individual?

A sole proprietorship is characterized by its simplicity and lack of formal registration requirements. It is owned and operated by a single individual who retains complete control over the business and is personally liable for all business debts and obligations. This form of ownership is often favored for small businesses because it is straightforward to establish, allowing the owner to focus on operations without the complexities associated with corporate structures or partnerships.

In a sole proprietorship, the owner can make decisions independently and manage the business as they see fit, which can lead to greater flexibility and responsiveness in operations. However, it is important to understand that while there are advantages, the owner also assumes all risks and responsibilities associated with the business.

The other forms of ownership listed, such as corporations, general partnerships, and LLCs, require more formal structure, registrations, and provide different levels of liability protection and management structures, making them distinct from the sole proprietorship model.