In business, what kind of enterprise does the term 'sole' refer to?

The term 'sole' refers to a business that is owned and operated by a single individual, commonly known as a sole proprietorship. In this structure, the owner has complete control over the business and is personally responsible for all aspects, including debts and liabilities. This model is straightforward and allows the owner to keep all profits without having to share them with partners or shareholders. The simplicity of setup and the absence of complex regulations make it a popular choice for small businesses and self-employed individuals.

The other options describe different types of business structures that involve multiple owners or shareholders, which distinguishes them clearly from the concept of 'sole' ownership.