Sole Proprietorship: A business owned and operated by a single individual -- and the most common form of business structure in the U.S. The advantages with a sole proprietorship include ease and cost of formation -- simply announcing you are in business and requesting any licenses and permits you may need; use of profits -- since all profits from the business belong exclusively to you, the owner; flexibility and control -- you make all the decisions and direct the entire business operations; very little government regulations; secrecy; and ease of ending the business